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.