Specialized In Jumbo Loans, Investor Loans, DSCR Loans, Non-QM Financing, Commercial Mortgages, and Tax-Informed Lending Strategies
Published By
David Ghazaryan
Owner / Broker / Banker
Contact Me At
(702) 766-3744
NMLS 1486726
FHA approval for a condo building signifies that it has met strict financial health and stability requirements set by HUD. Key criteria include high owner-occupancy rates, adequate HOA cash reserves, and limited commercial use. Many popular Miami and Fort Lauderdale buildings do not meet these standards due to high investor ownership or the administrative burden of recertification.
For condos that are not FHA-approved, conventional loans are the primary financing option. However, lenders often view condos as a higher risk, which can result in larger down payment requirements, potentially ranging from 10% to over 25%, especially for buildings deemed non-warrantable.
A condo's financing eligibility directly affects its marketability. Non-FHA-approved properties have a smaller pool of potential buyers, excluding those who rely on low-down-payment FHA loans. This can make the condo harder to sell and may impact its resale value.
Read the full blog article here: https://www.iqratemortgages.com/blog/choosing-your-miami-florida-condo-loan-fha-vs-conventional
That perfect Miami condo might reject your most common loan. I’m David Ghazaryan. I build paths around these rigid rules. The FHA says more than half the people must live there. So, the building actually chooses the loan you can get. Later, this building choice shrinks your pool of future buyers. My full article explains more. Find links in the description.
Read Blog Here: https://www.iqratemortgages.com/blog/choosing-your-miami-florida-condo-loan-fha-vs-conventional
