You can buy a condo through Homepath program - foreclosures from FNMA.
You can also buy a condo with 25% down, owner occupied property - under limited condo review programs - if your lender has such programs. If not - give me a call!
Most condos don't have reserves, or their owner occupancy ratio does not match lenders' guidelines,
but there are condos that are fine (and this changes about every month)...Those condos that are fine - will withstand the lender strict rules, and you can buy there with 10% down. Banks may not know if the condo is good until the budget, profit and loss, balance sheet, all condo documents are submitted
to the condo review department within your mortgage lender organization.
By then, you'll be out of inspection money, appraisal money, and your lender application fees (if any)...That's why Homepath with their low down payment is a very good program to buy a condo in Miami - plus they don't do the appraisal, which saves you $350.
Best of luck!
Beachfront Realty, Inc.