FHA Approves Many New Florida Condos For 98% Financing In 2010

4 Jul    Home Buyer News

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What You Want to Know About Florida Condo Financing. Financing new condo projects used to require 70% or more of the units needed to be pre-sold before conventional financing was allowed now that number has dropped to 50%. However even with some of the requirements relaxed, there are still condos that will not pass the full review required,

Condominiums – Condominiums The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. These properties are not for sale by the FHA. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields.

Will a Townhome Qualify for FHA? | Sapling.com – The FHA changes its requirements for condo financing from time to time, and townhome complexes are required to requalify for FHA financing whenever guidelines change. However, homeowners with existing mortgages are not impacted if a development loses its FHA-approved status unless they attempt to refinance with a new FHA loan.

If a condo meets fha approval, the people who want to buy a unit in the condominium are eligible to apply for an FHA mortgage. If it isn’t approved, they can’t. But if you saw the nearly 100 page-document the government puts out for the requirements it takes to get a condo approved, that whole notion of simplicity goes out the door.

FHA and VA Condominium Project Approval – MIAMI Realtors – FHA and VA Condominium Project Approval. In order for a qualified home buyer to purchase an attached condominium using either federal housing administration (FHA) or U.S. Department of Veterans affairs (va) financing, the condominium project that the property is located in must have received approval for the entire project from the government entity (either the FHA or VA) that is being asked.

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