The FHA has decided to extend its deadline to remove the spot approval process for condominiums. This is good news for the Tampa condo seller and buyer. The FHA was ready to implement guidelines that would severely limit which Tampa condos would qualify for FHA financing. That meant that buyers had only the conventional loan to utilize on most Tampa condo purchases. Conventional loans require a minimum of 20% as a down payment, whereas the FHA loan will allow buyers to close with a s little as 3.5% out of pocket. The deadline has been extended to February of 2010.
Looking to sell or buy a condo in Tampa? Give us a call at 813-421-1895
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