FHA Approved Condos in Bonita Springs FL
For those of you who are coming to Bonita Springs, Florida to buy a condo here is some valuable information you need to know about financing, especially with FHA and a condominium.
FHA used to easily finance condos in Bonita Springs but after the downturn of 2007, they wrote a new rule eliminating “Spot Approvals” and mandated that financing was only allowed if a unit is on the FHA’s list of approved condos. Unfortunately, only the association can get themselves on the list by contacting FHA and going thru the FHA approval process.
If a condo is on the approved list, a lender simply has to reconfirm certain things (delinquency rates, no litigation, % of renters, etc.) and then a buyer can finance using FHA. FHA Approved Condos
For what it’s worth, Fannie Mae will finance condos on a Spot Approval (not on any list) with as little as 5% down if the buyer is purchasing the condo as a primary residence condo so FHA certainly is not the only game in town as far as condos in Bonita Springs go. Of course, all of this information is subject to current conditions and the ability for a mortgage broker or mortgage banker to navigate the process.
VA approved condominiums in Bonita Springs are few and far between as well. You can search by city here: VA Approved Condominiums
I have plenty of lender referrals for you if you need help finding someone who knows the FHA and VA condo market in Bonita Springs, Florida. Call or text 239-273-7430 - Chris Griffith - ABR - Accredited Buyer's Agent