If you’re a regular reader of the Orlando Condo Blog, then you’ll know by now that most condos have to be FHA approved to attract lending these days (but see our blog below on a bank that claims it can now do Orlando condo loans).
So how does one find out which Orlando condos are FHA approved? Well, we can certainly help with that, however, there’s a new website out there allows a user to search, BY ADDRESS, whether a unit is not only FHA approved, but eligible.
The site updates daily on all of the continuing eligibility criteria such as owner occupancy, FHA concentration, whether the 10% rule is violated etc., so that the inquiring party, be it real estate agent or buyer, can know that their transaction can close, and not wait weeks into the transaction until the HOA certification is ordered and paid for, only to find out that it is ineligible.
There is also an ability to order a detailed litigation report to see if there is any legal action involving the association, and if so, know if it affects the financing of the property. There is a cost, but at $2.99 it’s an enormous time saver and well worth the cost.
At this time, 101 Eola condos are FHA approved both the Vue at Lake Eola and Star Tower condos may be on track in the near future. Until then, read the blog referred to above and perhaps we can find you a loan on a downtown Orlando condo that is not FHA approved.