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CAN YOU BUY CONDOS WITH FHA/VA FINANCING?

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Simply put, the answer is yes; but it is extremely difficult. In order for a condominium to qualify for FHA/VA, the Federal Housing Administration must approve financing the entire condominium, but the approval process is lengthy. Most condos opt out of doing so, because they prefer buyers that put a larger down payment.

Currently, there are 9 condo buildings in Miami-Dade that offer FHA financing:

The Aston

Bella Salzedo

Brickell on the River

Bent Tree

Fiji Condo No. 1

Jacksonville Avenue

Kings Creek South

Seacoast 5151

The Meadows

A little loophole comes in the form of townhouses. If the townhouse comes with an enclosed yard, it can qualify for FHA/VA financing because the property has a Homeowners Association in place instead of a Condominium Association.

On another note, FHA condo financing rules have continued to soften as of earlier this year. This took place after an announcement made by Ben Carson, Housing and Urban Development secretary, at the National Association of Realtors (NAR) convention. One of the changes would allow financings of individual units in condo building that are currently not FHA approved. This type of single-form approval, previously known as “spot” loans, would create a greater pool of buyers access to FHA financing.

Many individuals can qualify and take part in programs the Federal Housing Administration (FHA) has to offer. For more details on what programs may best suit you and your family’s needs, we are here to help. Whether you are looking for Condos, homes or investment opportunities in Miami, call us today at (305) 809-7650 or fill out our contact form to schedule a consultation.