Im looking to purchase a condo on, near, or canal access south of mem.but need to obtain FHA loan. Don't have 20% to put down. Credit score above 850.

Asked by Ggeiger47, Tampa, FL Sat Jun 8, 2013

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Sep 9, 2013

How about avoiding the FHA all together and buy a condo with only 3% down and NO PMI?

90% LTV- 2nd Home- NO PMI
85% LTV- Super Jumbo- NO PMI
80% LTV- Invest. /Rental
80% LTV- Foreign Nationals
70% LTV- Manf. Homes over 90k

STATED INCOME ALT-up to Super Jumbo

90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX n’ FLIP Invest. Prop.
75% LTV- Foreign Nationals
70% LTV- Soft and Hard Money


Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service: U.S. MARINE CORPS
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Lynn Brock, Agent, Sarasota, FL
Mon Sep 9, 2013
Ggeiger47, The complex will have be FHA certified to meet the lending requirements of an FHA loan. Lenders such as Well Fargo will be able to provide you with a list of FHA approved condo complexes that currently qualify for a FHA loan.

It is possible for the complex to become FHA certified, you will have to work with a lender and the association to submit the paperwork to obtain the certification. It is not impossible just laborious.

If you have 3.5% then you will have to look into single family homes. These can look like condos and villas. The may be attached or stand alone. It depends how the developer submitted the initial documents to the state either HOA or condominium.

Lending has gotten tougher today.

Best regards,

Lynn Brock
Brock Realty Inc.

Premier Tampa Bay brokerage. "Global Effort. Local Experience" Our Local Experience provides infinite benefits and produces positive communities where our clients and agents live, work and play. Our Global Effort delivers our commitment and professional knowledge to our clients. We are strategic, resourceful and determined. Visit where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
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Alma Kee, Agent, Tampa, FL
Mon Jun 10, 2013
Also if your income isn't too high we have State of Florida Bond money that can give you up to $7,500 to be used towards your downpayment and closing costs. You MUST work with an approved lender to get this money so I would start with Gina Harris at Iberia Bank.

Hope this helps.

All the best,
Alma Kee
Sold On Tampa Team
0 votes
Lisa Reeves, Agent, Tampa, FL
Mon Jun 10, 2013
You have a few options in Tampa regarding condominiums. First - a lot of the condominium projects have nicely recovered and are once again have financing options besides all cash. Second - many investors bought condominiums and made the repairs or held them for the past few years allowing them the ability to offer owner financing. If you have any questions regarding condominiums - I would be happy to answer questions for you.
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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Jun 9, 2013
Qualified borrowers only need 5% down to purchase a condo.

see condo loan program here:

BTW- don't contact or work with any realtors until we talk and I can share a few things with you.

0 votes
Demetrius Wa…, Agent, Tampa, FL
Sat Jun 8, 2013
FHA 3 halft percent.
Conventional is 20 percent.
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Sat Jun 8, 2013
I am not sure you are already working with a lender, but be advised that you if you want to go FHA, the Condo Project needs to be HUD Approved. Once you know the name or if you want to search by by city, or zip code, click on the link below and do your search.

Or, you go to: you can search for FNMA REOs. Enter your city, bedrooms etc and search. Once you reach the findings, you can refine your search on the left hand side (Property Type) and click on Condo. There are dozens of Condo in your city. You only need to put 3% down, no appraisal is required, no PMI, and a quick 30 day close.

Not trying to dissuade you from going FHA, but FHA is no longer the loan of choice. With the high cost of MIP and and the new higher MMI, I encourage all borrowers to think twice and certainly explore other options. Please let us know if you have any questions as we a FNMA Homepath Lender licensed in FL.

Best of Luck!
Web Reference:
0 votes
Scott Lynn, , 33549
Sat Jun 8, 2013
Long & Associates, Real Estate Pro in 33634
Your loan can be done it just requires a alternative financing which we offer at four and a half percent currently in the event the condo complex you're purchasing is not an approved condominium complex for FHA.

Feel free to give me a quick email and we can discuss it further in detail.

Scott Lynn
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