What is the minimum down payment when purchasing a Florida condominium?
Simple answer: 3%.
Most Florida condominiums have not sought FHA project approval. Consequently, this typically prevents the use of a FHA loan to purchase a condominium. Fortunately, conventional loans with only 3% minimum down payment requirements are offered for many Florida condominium purchases.
Is the condominium association required to maintain reserve funds in their annual budget?
Yes, if the borrower has less than a 10% down payment. However, if the borrower has at least a 10% down payment, excellent credit and an allowable DTI the association’s annually budgeted reserves will not be considered for primary and/or second home purchases and/or refinances.
If the condominium project has a very high number of rentals am I still able to obtain a mortgage loan?
Yes, provided the property is intended to be your primary or second home. We do not consider the number of rental units versus owner occupied in these instances.
You will need to inquire with your FSMG loan officer for more specifics and available options in these regards.