From now on, FHA mortgage loans allow low equity on condo apartments

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By: Eddie Gur REMAX FL

Peace,

I specialize in the real estate market in Florida and Ohio and I can only speak on behalf of the above states.

So far in South Florida, Condo properties have been divided into two lists:

(A) Approved for low equity equity FHA loans

(B) Not Approved for Low Equity FHA Loans - This list contained over 95% of the condos in South Florida. People who wanted to buy a condo from this list, usually had to put in equity of over 20% (acceptable 25%).

This was a terrible injustice as it almost blocked people from buying condos with low equity loans.

Now, new guidelines have been introduced that even impressive properties (B) can be bought with low equity, when the specific condo needs to pass SPOT CHECK according to a structured questionnaire and if the condo meets the requirements, it can be purchased with a low equity FHA loan (starting from 3.5% ).

* You can also get loans at 0% self financing

Whatever it may be now, condo investors and flip flops, because many buyers now buying property for the first time in life, can afford to buy a condo with low equity.

For more details, I would be happy to answer or contact a qualified mortgage consultant.

Happy Hanukkah!!!

Sincerely,

Eddie Gore.

Real Estate Consultant and Certified Realtor in Florida and Ohio

Works at REMAX Dr. Florida

Israeli Phone: 050-8708643

US Phone: + 1-954-667-8487

Email: [email protected]

Website: www.eddiegur.com

Professional Page: rem.ax/EddieGur