| FHA Mortgage loans for Condos and Town homes | | | | townhome units jointly own the development's |
| Eligible FHA mortgage Applicants: | | | | common areas and facilities. FHA mortgage Insurance |
| Any creditworthy potential owner-occupant who | | | | for condominiums, such as is provided through Section |
| meets FHA home loan underwriting criteria and will | | | | 234C, can be important for low- and moderate-income |
| make the condominium unit their principal residence is | | | | renters who wish to avoid being displaced by the |
| eligible for a mortgage insured under this program. | | | | conversion of their apartment building into a |
| Florida home buyers should know the many | | | | condominium. |
| advantages of the FHA mortgage loan programs. | | | | Type of Assistance: |
| FHA loans were created to help increase home | | | | This program insures an FHA mortgage loan for as |
| ownership. For the Florida Condo or townhome buyer | | | | many as 30 years to purchase a unit in a condominium |
| the FHA program can simplify the purchase of a | | | | building -- which must contain at least four dwelling units |
| home, making financing easier and less expensive than | | | | and can be detached or semidetached, a row house, |
| a conventional mortgage loan product. Some highlights | | | | a walk-up, or an elevator structure. The FHA |
| of the Florida FHA loan program include: | | | | mortgage loan is made by a FHA approved lending |
| - Minimal Down Payment and Closing costs. | | | | institution, such as mortgage company, bank, or savings |
| - Down payment less than 3% of Sales Price Gifts | | | | and loan association, and is insured by HUD's FHA loan |
| are allowed | | | | program. |
| - Seller can credit up to 6% of sales price towards | | | | Most of the features of FHA's Section 234C FHA |
| closing and prepaid costs. | | | | mortgage insurance are the same as those governing |
| - 100% Financing available | | | | HUD's basic FHA mortgage insurance program, FHA |
| - No reserves required. | | | | Mortgage Insurance for 1-4 family Section 203B. For |
| - FHA regulated closing costs. | | | | example, down payment requirements can be low as |
| - Easier Credit Qualifying Guidelines such as: | | | | only 3.5% because FHA insurance allows homebuyers |
| - No minimum FICO score or credit score | | | | to finance about 96.5 percent of the home's cost |
| requirements. | | | | through their FHA mortgage. In addition, some seller |
| - FHA will allow a home purchase 1 year after a | | | | paid closing costs can be financed, reducing up-front |
| Bankruptcy. | | | | costs. And, FHA limits some fees that FHA approved |
| - FHA will allow a home purchase2 years after a | | | | mortgage lenders charge-for example, the FHA loan |
| Foreclosure. | | | | origination charge. FHA sets limits on the size of the |
| To take advantage of the FHA program in Florida, | | | | FHA mortgage loan that vary with location and the |
| give us a call 1-954-667-9110 to find out more about | | | | number of units being purchased. |
| the many FL mortgage programs we can make | | | | However, Section 203 C condo loans have some |
| available. Or Apply now for a FL FHA home loan. | | | | unique restrictions. If the apartment is in a building that |
| FHA Mortgages for Townhomes Condominium Units | | | | was converted from rental housing, no insurance may |
| The FHA mortgage insures the FHA home loan for | | | | be provided under Section 234C unless: (1) the condo |
| a person who purchases a unit in a an association | | | | conversion occurred more than one year before the |
| including Town homes and condos | | | | application for insurance; (2) the potential buyer or |
| One of the many purposes of FHA mortgage including | | | | co-buyer was a tenant of that rental housing; or (3) the |
| the purchase of a Florida townhome or condo. FHA | | | | conversion of the property is sponsored by a tenant's |
| encourages FHA approved lenders to make | | | | organization that represents a majority of the |
| affordable mortgage loans credit available for | | | | households in the project. Eighty percent of |
| different forms of ownership. FHA Condominium and | | | | FHA-insured mortgages in the project must be made |
| townhome loans, in which the owners of the condo or | | | | to owner-occupants. |