If you absolutely want to buy a condo, you may be able to buy with a HomePath mortgage (expect to put 5% down) but ONLY if it is a foreclosed condo now owned by Fannie Mae. You can search here:
If you are a first time homebuyer (can't have owned a property in past 3 years), you may be able to get up to $7,500 to buy your home with an FHA or Conventional Mortgage (also USDA and VA). Go here to see if your household size and income will allow you to get the money:
You MUST work with an APPROVED lender on their list and one I can highly recommend is Gina Harris with IberiaBank. She's in Tampa but she can still do your mortgage. Here is her info:
IBERIABANK MORTGAGE COMPANY
3550 Buschwood Park Dr., Suite 295
Tampa, FL 33618
All the best,
As you can tell you're wasting your time chasing an FHA condo
Have you looked at a total payment on a regular house vs basically an apartment?
Condos often have very high HOA dues, they don't appreciate as well and your neighbors are all on top of you, to the side, in front, in back, below!
Contact me for a payment and out of pocket on a 250k and 275k, i think you'll kick the condo thing to the curb.
Nearly impossible buying a condo. (Nearly can be deleted)
and very, very difficult buying anything else.
Alma suggested a great strategy to circumvent the disadvantage inherent with FHA backed mortgages. To make this strategy work, you MUST be decisive and bold. If you are a real and motivated buyer, thank Alma for showing you this doorway to success.
The second problem comes with second guessing the agent you are working with.
You have demonstrated this can become a problem. Indecision, second guess, suspecting conspiracy,, relying on Uncle Bibber instead of your agent are all elements that will prove subversive to buying a home. You need to make up your mind regarding who you will be listening to and share that with your agent. They should be given the option regarding having their time wasted or not.
Your goal to purchase a home, if possbile. It will be a team effort and everyone must to their part. The journey will be exciting and exasperating at the same time. Be sure to choose the right professional. The right one is the one who 'hears' what you are saying.
Read "Tara's 'Rogue Agent' article. An agent able to color outside the lines is EXACTLY who you need.
Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Going back to your question is not impossible to purchase a condo through an FHA loan, you can find out which communities are FHA approved by going to http://www.hud.gov
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
Please contact me at your earliest convenience and I will gladly help you with your search and we can evaluate options for you.
Vivienda Miami Real Estate Group
You can search to find which condos are approved for an FHA mortgage here:
Look to the far right, most are EXPIRED so you cannot buy in those complexes. The ones that are APPROVED you can buy with FHA.
There are 168 complexes in Miami on the list but most are EXPIRED so you cannot buy in those complexes.
Hope this helps!
All my best,
a short sale with financing (which is almost impossible too). Buying in your price range is not going to be easy, but it is possible, just get the best possible professional you can find.
Do not miss the opportunity of grabing a property at current prices, they are still good and to buy with FHA is the
sweetest of deals.
Go for it.
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
MORTAGE BROKER RESPONDS
Yes, trying to find one that allows FHA is like trying to find hen's teeth.
After reviewing these programs below, please email me at Steve@pro-option.com with the ones you'd like more info about:
1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BKâ€¦OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property
Stated Income Alt Loan programs
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX nâ€™ FLIP Invest. Prop. â€“ No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!
Before joining the real estate field I was an Investment banker and handled the sales of the govt asset loasn etc. Condo's down here are more often taking FHA loans, but Co-OPs are obviously more of a hassle.
Would love the opportunity to speak with you and discuss your options.
Please feel free to contact me at
Yes, in my experience that is true. That best advice I could give you is to consult an experienced mortgage broker. If you're absolutely set on a condo, explore your options and gain a better understanding as to alternate methods of financing available to you.
All the Best,
CENTURY 21 City Real Estate
4500 University Dr.
Coral Springs, FL 33065
Yes, true. FHA is a very strict program and condominiums will not meet the criteria for the banks.
You may find a single family home with the FHA program, just ask the realtor you are working with to search in the areas you can afford. Otherwise, you may have to wait to save for a down payment that will be 20-30% of the purchase price of a condominium.
South Florida Brokers
The Andre Shambley Group
Real Living FSR