Today is the day! New rules go into effect today that may help more buyers find the condo of their dreams in Daytona Beach, Ponce Inlet, Ormond Beach and surrounding areas. Previously it was very difficult to finance a condominium purchase with an FHA loan, as many Daytona Beach area condo buildings were denied qualification outright due to occupancy rates and finances. In fact, before today, only 6.5% of condos in the state of Florida were approved to participate in FHA mortgage insurance programs. However, the new rules taking effect now will, among other things, allow the FHA qualification to be based on a single-unit approval process, rather than based on the entire complex. These changes could allow up to 60,000 more condos statewide to win FHA approval.
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The Daytona Beach area has many condo options to choose from: oceanfront, riverfront, golf-course, boat docks, lakes, ponds, preserves. What are you looking for? Will you be among the first to help us test these new FHA condo rules? Let us know which building you are interested in today. Call Kevin Kling at (386) 527-8577 for condo buying and selling assistance along the World’s Most Famous Beach.