Like most mortgages, the rules for getting approved for a condo vary by loan type. This post focuses on VA and FHA condo loans.
VA Condo Loan
VA loans allow borrowers to purchase condos with no down payment, making them a popular choice in Florida. People who wish to go this route should make sure a condominium project is already approved by the Department of Veterans Affairs before falling in love with one.
This can be done here: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
If a desired condo is not on the VA’s list, there is a process to get it approved, but it is lengthy and can be costly. It is usually in a veteran’s best interest to look for another property or change loan type in these situations.
FHA Condo Loan
The FHA loan allows borrowers to purchase condos with small down payments, and like its VA counterpart, people can search online to see which ones are approved.
Here’s the link to search: https://entp.hud.gov/idapp/html/condlook.cfm
Units that are unlisted can still get approved, but once again it could be lengthy and costly. However, an exception to this is a spot condo approval, which is easy to obtain for freestanding, detached condo units. Make sure a mortgage professional is well-versed on this before having him or her take a loan application.
Here is some more reading about condos in Florida:
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