When in the market for buying a home, many potential home-owners consider purchasing a Condo. Condos typically have lower maintenance than traditional homes in the form of common area upkeep and trash removal. They may also include community pools, gyms, and other facilities. In turn, there is a Home Owners Association (HOA) which requires membership with mandatory fees to cover expenses.
In the State of Florida, if a condo owner becomes delinquent on association fees, the HOA may foreclose on the property. They are allowed to do this as they are named on the title in addition to the Condo owner. Because of this, it is very important to maintain proper payment of the association fees.
In the slide show presentation link below, you will find in-depth info on options for financing condos as well as how to identify if the condo is Fannie-Mae or FHA approved.