Miami Home Loan Asks, Do You Have a FHA Buyer Looking for a Condo?

Miami Home loan, and Element Funding, direct HUD Approved lending mortgage bank, found an interesting story in The South Florida Realtor this month.  Jim Carter, senior loan officer, reports onthe subject,  “Do you have a FHA approved condo buyer; but cannot find a suitable unit?”  [i]

You are not alone!   In 2008, the Federal Housing Administration (FHA) began enforcing  a rule which ended the concept of life-long FHA condo approvals.Condo projects now need  to apply for approval every two years in order for buyers to utilize the FHA insured loan program in that building or community. This change was in response to the down tum in the market and a way to investigate the financial health of associations.   As  a result, thousands of condominiums across the country lost their FHA approved status. It has been difficult to convince volunteer board members that it is in their best interest to take the necessary steps and apply. [ii]

Some of the basic requirements for approval are:

  • -At least 10% of the income must go towards reserve funding
  •  – Reserve funding should be 10% of the annual budget
  • – 50% of the project must be owner occupied;
  •  – No current or pending litigation that could result in unexpected costs;
  • – No more than 15% of units are 30 days or more delinquent on dues
  •  – Must meet the FHA insurance  requirements. [iii]

In   response  to  member requests,  the  MIAMI Association of REALTORS”‘ created  the “FHA Condo Approval” Task Force and received  a grant from the National Association of REALTORS” for it’s efforts. The task  force  began  to assess the damage.   Out of more than 8,500 condos in Broward and Miami-Dade Counties, only 30 were FHA approved.

Search for FHA Approved Condos at

We have many FHA programs to help you get into your new condo.  From 203K – rehab loans, to regular 203B-FHA loans.  Take a look at


We also have a 1st Time HomeBuyer Program that gives you up to $10,000 for qualified buyers to help with down payments and closing costs.  Take a look here to review that program:

So, if you need a Miami Home Mortgage, or just want to discuss condo financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We have several FHA options, and others to discuss.  We at Element Funding, will help you with an exceptional Miami Home Loan.





[i] “FHA Approved Buyer Looking for a Condo?”, The South Florida Realtor, Issue, 2015, PG 21

[ii] Look for another article on Why condo boards should Want FHA Approval

[iii] FHA Guidelines




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