That depends, I will explain.
Condos are a bit more difficult to get financing due to the glut in the market and other conditions like investor ownership. Now all is not lost you can check to see if the Condo you are interested in is on the Approved FHA lsit and if so you can go in with as little 3.5% down! If not 20% is needed. Any Relaotr can look this up for you,in fact so can your lender.
I hope this helps.
Forget about FHA Condo loans
There are new NON-FHA condo loans with even less down payment, 97% LTV Condo purchase loans available in Florida with NO PMI for qualified borrowers and you won't be restricted to a short list of FHA approved condos
Start with Trulia.com and the Homes and Land of Greater Orlando real estate magazine to find a property http://www.homesandland.com/Digital-Magazine/0418-41-06-Home
85% of my Buyer business is first time home buyers using â€œDown Payment Assistanceâ€ let me know if I can be of assistance negotiating the first time home buyer down payment assistance maze, or guiding you through the various loan programs
the FHA 3.5% is available only to owner occupants, not investors. Depending on the complex the probability is if you are dealing with condos you are purchasing for all cash.
Probably not what you wanted to hear but it is what it is. There are specific communities that can get financed but they are few and far between. townhomes and SFH will offer the best opportunity for loans. You may be surprised how low you can get some SFH's, They too will have lower HOA's and better returns as an investor.
All the best,
ApexOne Realty, Inc
if I can be of any assistance please call me at 407 375 4478
Ask questions like; Is there a buyer initiation fee? Upcoming assessments? Owner to rental ratio?
If it will be investment property, the return on your investment is very good as compared to other types of investments currently.
Please contact me if you need a few names of lenders to assist you. email@example.com