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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

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Florida Condo Association/Project Mortgage Financing FAQ’s

May 25, 2019 by Stephen McWillam

Buy a Home in Fort Lauderdale

Is FHA financing available to purchase a condo?

Currently and generally the answer is no.  HUD is currently in the process of adopting rules to allow for easier FHA condo financing but those new rules are not yet available. In the meantime, you can check HUD’s Condo Look to best determine if the condo project is approved. Please be aware the status must reflect approved and it is not expired. Many status approved projects have expired.  In order to get a condo project approved the association must participate in a rather complicated process that most association’s find too cumbersome. 

What is the minimum downpayment for a condo considering FHA is probably not an option?

FHA requires 3.5% minimum downpayment while conventional financing can be offered as low as only 3%. 

Does the condo association need to be approved for conventional financing?

The short answer is sort of.  In general, there’s no master list of approved condo projects for conventional financing. However, Fannie Mae does publish a PERS List of approved condo projects that are typically condo projects that are newly constructed. Unlike FHA the absence of being on this list doesn’t mean the condo project is not eligible for financing. Absent being on the PERS List a lender would need to review a condo project to determine if the condo project meets acceptable minimum standards for Fannie Mae and/or Freddie Mac financing options.  Lenders are required to maintain a list of condo projects that have been identified as failing to meet the acceptable condo project standards. 

Does the condo association have to have reserves for Fannie Mae and/or Freddie Mac financing?

If the condo association does not have either a 10% reserve allocation in their annual adopted budget or an independent 3rdparty produced reserve study that indicates that 10% is not necessary then Fannie Mae and/or Freddie Mac financing options would not provide for 3% downpayment options.  However, in many cases we are able to offer 10% downpayment options.

Is conventional financing available for condo projects that have a very high number of rentals?

Provided you’re purchasing as an owner occupancy (primary or secondary) the condo project’s number of rental units is totally irrelevant. In fact, the condo project could have 99% tenant occupants and conventional financing may be offered with as little as 3% downpayment. 

How can I best determine if a condo project is going to be approved before I invest in time to look at the property and/or spend money on inspections and/or appraisals?

Simple answer – CALL US 954-359-3000.  Typically, we can research most any Florida condo project and provide a quick answer based upon our review of recent prior sales.

Filed Under: Mortgage Tagged With: Florida, Fort Lauderdale, Mortgage tips

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
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NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
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Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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