Video Transcript:
A Miami condo loan is different. Your personal finances are important, but the lender's final decision actually hinges on the entire building's health and stability. I'm David Ghazaryan. My work is navigating the two very different approval systems for condos: the strict government list and the much more flexible lender review. The government-backed FHA loan requires the entire building to be on an approved list. This is a high bar, with strict rules on renter percentages. Conventional loans are more flexible, approving buildings on a case-by-case basis. A down payment of ten percent or more often allows for a much simpler, limited review. Consider the long-term insurance costs. FHA mortgage insurance often lasts for the loan's entire life. But the insurance on a conventional loan can be removed. The full article on our website breaks down these rules completely. We continue this strategic analysis on my social platforms. See the links in the description.
Read Blog Here: https://www.iqratemortgages.com/blog/fha-vs-conventional-loan-for-a-miami-florida-condo
