Add Ventana to the short list of FHA approved condos in the downtown Tampa area. Ventana is at the corner of Channelside Dr and Kennedy Blvd and has 84 residential units + some mixed use spaces on the first floor. Previously, only Skypoint and Harbour Place City Homes were FHA approved condominium buildings in the area. This is big news for Channel District condo buyers with less than a 20% down payment available. Why? Because with an FHA loan, buyers may close with a s little as 3.5% of the purchase price out of pocket, including closing costs and down payment.
So let’s do the math: Let’s take a $200k purchase. With a a conventional loan, buyers will need $40k down plus closing costs. But with FHA, buyers can close with about $7,000, and some of that can be gifted. Big difference, eh?
Forty seven percent of buyers to date in 2009 have been first timers according to the National Association Realtors. That’s a record amount of first timers as a percentage. So it goes without saying that a large percentage of buyers in this current market don’t have the 20% saved for a down payment. The FHA loan has become the new go-to loan for many of those buyers since the dissappearance of the sub-prime loan of markets past.
So congratulation Ventana. This may (should) create a much bigger pool of buyers who can afford to purchase a new Channel District condo.
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