1800 Club Miami FHA Approval Extended
May 10, 2012 May 10, 2012
The U.S. Federal Housing Administration (FHA), the world’s largest insurer of mortgages, recently extended its stamp of approval on 1800 Club Condominium.
The timeframe for this latest FHA approval extension on 1800 Club condos is from April 6, 2012 to April 6, 2014. The 1800 Club Condo, a waterfront luxury condominium project, is the newest addition to the hottest new area in Miami, the Miami Performing Arts District.
FHA is the agency that provides mortgage insurance on loans made by FHA-approved lenders throughout the U.S. This agency is the world’s biggest insurer of mortgages, insuring more than 34 million properties since its foundation in 1934.
According to Joanne O’Mara-Mugavero, vice president for loan production in the Consumer Finance Group at Webster Bank, condominium management companies benefit from FHA approval as condo units become attractive to a large number of potential buyers.
Without the FHA approval, condo unit buyers will not qualify for FHA loan programs. Under the new FHA rules, the approval is valid for two years. Every other year, the condominium management company has to submit a recertification package to remain FHA approved.
Condo properties which are FHA approved are particularly attractive to buyers due to the following reasons:
- Low down payment or equity position, as low as 3.5% down payment;
- Condo purchases using down payments of 100% gift money from family members;
- Higher debt-to-income ratios for borrowers; and
- Lower credit scores
To verify whether a condominium property is FHA approved, visit the FHA Condominium List Public Search site at https://entp.hud.gov/idapp/html/condlook.cfm.
In addition to 1800 Club Miami, another condo property that is FHA approved in the Miami area is the IOS on the Bay Condominium.
Miami's CondoBlackBook.com is your ultimate online resource center to help you find FHA approved for sale downtown Miami condos and Miami condos for sale.