Home Buying in Miami>Question Details

Viperal, Renter in Miami, FL

looking to buy a house with the FHA , pre-approved for 170k but 2 realtor tell me is being almost imposible to find a condo accepting FHA, true?

Asked by Viperal, Miami, FL Thu Jan 31, 2013

Help the community by answering this question:


Alma Kee’s answer
Hi Viper Al,

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:

Gina Harris
3550 Buschwood Park Dr., Suite 295
Tampa, FL 33618

813-244-5685 cell

Good luck!

All the best,
Alma Kee
2 votes Thank Flag Link Fri Feb 1, 2013
Homebuyers who need a loan insured by the Federal Housing Administration, or FHA, may be able to buy a recent foreclosure house now that the FHA has waived its so-called "anti-flipping" rule. This rule banned the use of an FHA-insured mortgage to buy a home that was being resold within 90 days of purchase.

The rule was enacted to reduce mortgage fraud. But over time, the effect was to hinder buyers who needed an FHA-insured loan and wanted to buy a home that had been bought at a foreclosure auction and fixed up by an investor for resale. The waiver should now allow these borrowers a better chance to buy those homes.

> Will lenders relax anti-flipping rules?

* The waiver is a positive step, but its effects may be limited, according to Peter Thompson, a senior mortgage consultant at Wintrust Mortgage in Downers Grove, Ill.
"The FHA has relaxed the rule, but we have to look at how lenders are interpreting it," he says.

* Wells Fargo has introduced its "first phase" of the waiver, which will allow qualified borrowers to use an FHA loan within 90 days of the seller's acquisition of the property if the purchase price is not more than 20 percent greater than the seller's acquisition cost.

* Bank of America hasn't made a decision about how to handle the waiver. A representative for J.P. Morgan Chase said the bank "appreciates any policy that allows quicker sales" of bank-owned real estate, but that the waiver "will not have a major impact."

>Anti-flipping waiver has some restrictions

* Buyers should be aware of the FHA's limits on the anti-flipping rule waiver, which are as follows:
The home sale must be at arm's length, which means there can be no close business or personal relationship between the seller and buyer.

* If the price that the buyer agrees to pay for the home is more than 20 percent higher than the price the investor paid to purchase it, the sale will be subject to extra scrutiny to ensure that the value hasn't been inflated.

* The Home Equity Conversion Mortgage for Purchase program is excluded from the waiver. This program allows older homeowners to combine a reverse mortgage and a home purchase.
> http://valoanguidelines.org/funding-fees-pmi/
1 vote Thank Flag Link Mon May 18, 2015
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.

1 vote Thank Flag Link Sat Feb 2, 2013
The agents with whom you consulted provided accurate information.
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
1 vote Thank Flag Link Fri Feb 1, 2013
Viperal, in my experience, IN MIAMI, just about everything under $200K is sold for cash. Occasionally, you will find a single family home which will accept conventional or FHA financing. You'll improve your odds if you want to move down to homestead or out west in Kendall.
1 vote Thank Flag Link Fri Feb 1, 2013
Is there any particular reason why a condo is your property of choice? You can purchase a townhouse, or even single family home in certain locations.
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
1 vote Thank Flag Link Thu Jan 31, 2013
Hi Viperal,

Please visit http://www.VaFha.Net The site list only Fha and Va approved homes! So whether you are looking for condos, houses, multi-family or townhouses they are listed there. You will be able to find what you looking for fairly easily and quickly. Let us know how your search went.

Web Reference: http://vafha.net
0 votes Thank Flag Link Thu Apr 23, 2015
I can help you call me 305-794-8435 or my email olsfl!@hotmail.com
0 votes Thank Flag Link Sun Feb 3, 2013
I received a call from a Seller-Client yesterday that will soon place in the market a beautiful townhouse in Kendall (not a condo), if you are interested feel free to contact me through my profile.
0 votes Thank Flag Link Sun Feb 3, 2013
In fact some Condo Board of Directors will actually prevent an FHA approval so truly a condo complex could control whether or not FHA buyers can ever buy in there!
0 votes Thank Flag Link Sat Feb 2, 2013
It happens all the time in Florida. Our condo boards and HOA boards often do not do what is in the best interests of their fellow owners. Here's an interesting website about the insanity that can occur in HOAs and Condos: http://www.ccfj.net
Flag Tue Feb 5, 2013
I'd like to see them try it. They might find their time in court isn't worth the money it would cost them to loose. They CAN'T do it.
Flag Sat Feb 2, 2013
I've seen a lot of answers to this question here but they were either wrong or not clear. Condos DO NOT accept FHA mortgages. The question is if an FHA mortgage will accept the condo complex. It has nothing to do with what the condos accept. The FHA does have guidelines in regards to the number of owner occupied units, the financial condition of the complex, how much they have in reserves and if there are currently foreclosures or pending foreclosures in the complex. There may be additional criteria, but it has nothing to do with what the condo accepts. Now a co-op, that's a different story.

Good luck!

Don Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

0 votes Thank Flag Link Sat Feb 2, 2013
As previously advised by other realtors, there are properties of more value that you can purchase with 170k. PLease see the link below to the house I sold to my client for $175k, its 5BR/3BA and 3 car garage in gated community and it was FHA loan:


Please contact me at your earliest convenience and I will gladly help you with your search and we can evaluate options for you.

Best Regards,
Meg Sahdala

Vivienda Miami Real Estate Group
E-mail: meg@viviendarealtors.com
Tel: 305.877.2880
Fax: 305.675.3976
0 votes Thank Flag Link Sat Feb 2, 2013
Hi Viper Al,

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,
Alma Kee
0 votes Thank Flag Link Fri Feb 1, 2013
It's not impossible but it's harder. If possible try looking for a townhouse if it's within your budget.

Alberto Baca
The Keyes Company
0 votes Thank Flag Link Fri Feb 1, 2013
You can save alot of time by asking your loan officer for the list of what is FHA approved and stick to looking at condos on the list.
0 votes Thank Flag Link Fri Feb 1, 2013
It is true, it is practically impossible. Why don't you buy a house instead? There are a few areas where you can buy on that price range, I specialize in a couple. My advice to you is buy what you can. Do not waste your time and effort trying for the impossible. There is a lot of people out there, who have not been educated by their Realtors, and are playing Monopoly chasing an FHA condo or
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.
0 votes Thank Flag Link Fri Feb 1, 2013
Condo's in Miami-Dade County and most of Florida have either lost their FHA Approval or are loosing it, there are very few and far between FHA Approved Condominiums at this time. The agents you spoke with may or may not be exactly correct in their advising you and I'll need to know more specifically, exactly what you're looking for, where, when, why and how.
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.
0 votes Thank Flag Link Fri Feb 1, 2013

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 BK…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 n’ FLIP Invest. Prop. – 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!


0 votes Thank Flag Link Fri Feb 1, 2013

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
Cell 551-655-8885
0 votes Thank Flag Link Thu Jan 31, 2013

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,

Avraham Yeini
CENTURY 21 City Real Estate
4500 University Dr.
Coral Springs, FL 33065
Cell: 786-763-3949
E-mail: ayeini@gmail.com
0 votes Thank Flag Link Thu Jan 31, 2013
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.

Good Luck,
Beth Jenkins
South Florida Brokers
0 votes Thank Flag Link Thu Jan 31, 2013
Depends on several factors... location being of the top. But I wouldn't say impossible. You just have to find the right Realtor to work with that'll get it done.

Andre Shambley
The Andre Shambley Group
Real Living FSR
0 votes Thank Flag Link Thu Jan 31, 2013
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