Price reductions have spurred a potential rebound in condo sales throughout the Tampa Bay area. The number of condos sold in Hillsborough County has risen from 180 units in December, to 256 units in February, to 387 units in March; though 3602 units remain on the market – an 18 month supply.
Financing options for condos tend to be limited. Eligible complexes can apply for a Fannie Mae loan at just 3.5% down. For a list of FHA-approved condominium projects, see this link . If a complex is not FHA-approved, your lender many be able submit am application for approval if the complex meets strict guidelines. Otherwise, you will put down a minimum of 20%, though some complexes require cash sales due to low owner occupancy rates.
While prices are down, there are risks to consider. We suggest a thorough review of financial documents and meeting minutes prior to making a decision, as many complexes may be on questionable financial footing due to foreclosure activity.
