If you are buying a condo you better make sure you are dealing with an experienced Loan Officer and a financial institution that will lend on them. We are seeing a lot of buyers being denied for financing elsewhere.
I got to learn a lot about condos in Florida back when I first got out of college while working in PA. I quickly found out how difficult they can be. I am finding more and more condos are meeting the requirements in order for a buyer to get financing on a primary residence with as little as 5% down on a Conventional loan. The main obstacles that occur are if there is litigation (there are ways around it), not having 10% of the revenue in reserve, one investor owning more than 10% of the units, not having the proper insurances, and having over 15% of the units delinquent.
You can get around most of those issues if you put down 25% on a primary residence or 30% on a second home but be sure to call us today for more info for condos in the Fort Lauderdale and the South Florida area.