Can I buy a condo with an FHA loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes, but the condo project must be FHA-approved or qualify under FHA's single-unit approval process. Many Florida condo buildings carry approval, and we can check a specific project's status in minutes.
Approval looks at the building's owner-occupancy ratio, reserves, insurance, and litigation. If a building isn't approved, we'll either pursue single-unit approval or steer you to a conventional condo loan instead.
Condo approval matters
Yes, you can buy a condo with an FHA loan, but the condo project usually needs FHA approval. FHA keeps a list of approved developments, and buying in one keeps your loan simple.
FHA also offers single-unit approval, sometimes called spot approval. It lets you buy one unit in a project that is not fully approved, which opens up more Florida condos.
Florida condo tips
Florida has thousands of condos, and approval status varies building to building. Some associations have too many rentals or pending litigation, which can block FHA financing.
We check a building's FHA status before you fall in love with a unit. Apply now and we will confirm your condo qualifies before you write an offer.