FHA is a wonderful loan program that is commonly used among first-time homebuyers. FHA offers financing in the amount of 97%, is not supremely credit score driven, and allows up to 6% seller contributions (on a $100,000 property that amounts to up to $6,000! Seller contributions can be used to pay for your closing costs, pre-paids, and escrows!).
FHA can also be coupled with the down payment assistance program called AmeriDream for qualifying buyers, and when working with the right lender and Realtor, you may be coming to the closing table with very little out of pocket (it can be done, you just have to be working with the right people that know HOW to do it!) For a little more detailed info on the FHA loan program and costs associated with a loan, please visit the Florida Housing administration website and this article I wrote: Buyer's Guide to Survival Part 2: Costs associated with buying a home.
FHA does not as practice lend in high rental communities, hence why there is a list of "approved" condominiums. The current FHA approved condos list includes these units for Gainesville:
Bellamy Forge
Casablanca East and West (view listing)
Cedarwood
Charleston Place
Countryside at the University
Creekside Villas
Isabella Park Condo
Mill Pond
Palmetto Villas
Rockwood Villas
Somerset Village
Southfork Oaks
Southwood
Sparrow
University Terrace West
University Terrace Condo
Woodshire Villas Condo
Woodside Villas condo
There are several Townhomes that are allowed as well, such as those in Tiffany. Also eligible are PUDs, Planned Unit Developments, such as Haystacks and Greenleaf.
If you're in the market for a condo, please make sure you speak with a lender, not only to get pre-qualified for a loan, but to make sure you know which loan program will be best for you. Not everyone knows their options are limited to these approved condos if they go FHA and your Realtor will need to know this info in order to find you the right property! If you aren't already working with a Realtor, please contact me and I would be glad to send you listings that fit the criteria and appropriate loan program you're working with!
Why choose FHA loan program?
Interested in seeing what listings are available in these complexes, or any others in Gainesville? Contact me anytime for your free MLS search of any Gainesville real estate listings!
Angela Elliott is a licensed Florida REALTOR® with Century 21 Classic Properties in Gainesville, FL. Please visit my profile for more about me and browse my website for additional Alachua County information and listings. Your phone calls are always welcome at (352) 256-7038 as are your e-mails to angela.elliott1@century21.com.
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Hey Angela,
Where did you get the list of FHA approved condos from? I'd like to check on an updated list for some customers and am digging around on the internet looking for the "official" list...
Any help/info would be appreciated!
Kathleen Seide