Less Than 1% of Miami’s Condo Buildings Have FHA Approval (FL)

According to a recent report by Miami Realtors, only 13 of the 9,307 condominium buildings in Miami-Dade and Broward counties were approved for Federal Housing Administration (FHA) loans, down from 29 last year.  In Florida, potential condo buyers must personally qualify for a home loan, but the condo project itself must also undergo approval for mortgage lending. Underwriters worry about the financial stability of the condo project, especially with regards to hurricane coverage, which creates a number of problems.   Read the article………………………………

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