Hojin's SW Orlando Real Estate Scoop

Real Estate News for Dr. Phillips, Windermere, Gotha, Celebration, Winter Garden, Ocoee, Clermont, Metrowest

Hojin's SW Orlando Real Estate Scoop header image 2

FHA Approved Condos in SW Orlando

September 15th, 2009 · 3 Comments

1384276680_ef8a46059d

There’s been a big push among lenders for the FHA home loan. The advantage of this product is that it allows a buyer to get into a home with as little as 3% down. It’s really a nice choice for a loan, but it can be difficult to obtain if you’re looking for a condo.

One of the main reasons a condo building is not FHA approved is the guideline that requires a condo to be at least 50% owner occupied. We all know we had investors come into the SW Orlando marketplace by the bus load during the peak and many of them pushed numerous condos beyond the approved guidelines not to mention many of them are in foreclosure making the problem even worse.

Either way, I’ve compiled a list of FHA approved condos in Dr. Phillips, Metrowest, Windermere, Hunters Creek, Winter Garden, Clermont, and Celebration:

  • Dr. Phillips: Windhover, The Point Orlando Resort
  • Metrowest: Stonebridge Lakes, Stonebridge Commons, Stonebridge Place, Stonebridge Reserve, Golfview, Crestview
  • Windermere: Oasis at Lakeside Village
  • Hunters Creek: Golfview, Fountains at Crystal Creek
  • Winter Garden: Tucker Oaks
  • Celebration: Waterstreet at Celebration

To look up any condos not mentioned here, check out the FHA Approved Search on the HUD website.

I tried to look up Vizcaya and Toscana in Dr. Phillips, Veranda Park in Metrowest, Lakeside at the Lakes of Windermere, and Artisan Park in Celebration but they’re not listed on their site. They were probably beyond the FHA loan limit for Orange County, FL of $274,850 and now they’re priced in this range. My suggestion would be to contact your lender.

Tags: Real Estate Tips · SW Orlando Condos

3 responses so far ↓

  • 1 Dianna MacLaren // Dec 18, 2009 at 10:04 am

    Hello Hojin- Unfortunately, many of these neighborhoods, even if they are on the FHA-approved list are no longer qualified for FHA loans per my lender, due to the owner-occupancy numbers. Stonebridge Lakes is currently at 38% according to their HOA. Such a nice little neighborhood, too. At this point the only people who can afford these condos are investors, so that will wind up becoming a rental zone like many of the other Metrowest neighborhoods. It would be great if we could compile a list somehow of the current FHA “eligible” condos, even though I know that list will change. However, if we can identify them, we will know where to take our condo financing buyers to, and possibly save those neighborhoods from falling under the owner-occupancy rate of 50%.

  • 2 Hojin Chang // Dec 18, 2009 at 11:30 am

    I wish there was a way as well with the big push for FHA financing by the government. Condo associations have much less control these days due so many delinquencies and overall economic climate. It’s one tough task to find an FHA approved condo these days. If you find one, you better hurry up cause as you say, it may not be approved for very long.

  • 3 Hojin Chang // Dec 18, 2009 at 11:32 am

    You’re right about the FHA approved list but that’s the only thing we can go on. It’s one tough task to find an FHA approved condo these days and if you find one you better hurry up cause it may not be approved for very long. Condo associations have a lot less control over their associations due to so many delinquencies and overall economic climate so I don’t see too many things they can do to affect the owner occupancy rate.