Thanks, Jirius Isaac
There is no minimum purchase to my knowledge.
As for whether a condo or a home is best for you, that depends entirely upon your personal needs. There are upsides and downsides to both. If a condo, the entire project needs to be FHA approved if you are using a low-down-payment FHA loan. However, it is a good idea to make sure it is FHA approved even if you are paying cash, as it makes it easier to sell when that time comes. FHA reapproval is required every 2 years, so being active in the homeowners association and making sure it continues to meet the requirements is a good plan in a condo. A house requires that you do the maintenance yourself, while all the exterior maintenance in a condo is done for you and paid for with your monthly HOA fees, or sometimes the dreaded special assessmnet.
There are lots of other considerations, but your agent should educate you.
If you are getting a loan from the bank to purchase, it is a little more complicated than an all cash purchase.
Debra and David Hamilton
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