Debbie

Tony, The FHA requirements have to do with things like; at least 51% of all apartments in the building have to be owner occupied and only a certain % of apartments can be behind on their HOA dues. The smaller buildings would have a better chance of passing. It is definately going to be a while before the 20% down payment requirement changes. I think the market will have to bottom out first and then recreate itself. Definately keep me updated on your success and if you get a building FHA approved, please let me know!!

Regards,
Debbie - Sat Jul 25 2009, 05:28

Hi Tony,

I asked this same question a few months back. The days of spot approval are over in Miami Beach these days because it is a declining market. So many people are behind in the HOA dues, it puts the buildings on the verge of bankruptcy, so no lender will finance them without a large downpayment. You cannot buy anything with less than 20% down now unless it is a HUD approved building. Below is the link of HUD approved condos nationwide, however there are only 2 approved in 33139. If you find a condo that you love, your lender must go thru the process of trying to get it HUD approved. I believe the process is that they will go directly to the condo association to get the info they need and apply to HUD to get it approved. Then you can apply for the FHA loan at 3.5% down. I decided to rent for a year instead.

https://entp.hud.gov/idapp/html/condlook.cfm

Good luck,
Debbie (in NYC soon to be in SoBe) - Fri Jul 24 2009, 17:40

Thank you so much to everyone who answered! This is SO HELPFUL and I am SO HAPPY!

Best,
Debbie - Thu Jun 11 2009, 16:43