FHA Approved Condos: Only 3.5% Down Payment Required

It was big news when it was announced that the Towers of Channelside building got FHA approval – meaning you can purchase a condo in the building with as little as 3.5% down payment!  The problem that many Tampa Bay area condo buildings are facing is the failure to obtain financing – any kind of financing in some cases – FHA, conventional or otherwise.  Because of high foreclosure rates, several buildings lost the ability to obtain financing and therefore you had to be a cash buyer if you wanted to purchase a condo.  But things are starting to turn around for several bay area condos.  In addition to the Towers, we thought we’d let you know about other buildings in the Tampa area that are on the HUD FHA Approved Condo list!

• Towers of Channelside
• Ventana
• Skypoint
• Harbour Place City Homes
• Parkcrest Harbour Island

While not approved for FHA financing, The Slade Condos in Downtown Tampa are being offered with only 5% down payment required on a conventional loan through HomeBanc.

To find out if a Condo project is FHA qualified, you can check the project’s status on the HUD website.

Thinking that condo living is for you?  You can search all Tampa Bay Condo Developments here.  Call us today and allow us to find the right condo for you.