Is buying a Condo with FHA loan possible in South Florida? (Miami: for sale, foreclosure)

[NYer75]

I am currently in Houston, and looking to move back to Miami (work reasons).

I wanted to buy a condo, with a FHA loan, with a max budget of $85,000.

Am I realistic to think it can be done. I didn't realize how tight things were in Miami.

Here in Houston buying a condo is as easy as renting one.

Any advice, honest opinions?

[gixxer1000]

More and more condos are becoming FHA approved:

Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Fannie Mae Approves 22 New South Florida Condos In 2010 (http://www.condovultures.com/home/5664-fannie-mae-approves-22-south-flordia-condos-for-financing.html - broken link)

[Coconut1]

Yes, it just depends if the complex is FHA approved. Your Realtor should be able to guide you to the right condo complexes.

Do be aware that with an $85K max budget, you're not going to get a whole lot.

There's a new complex downtown (although not in the best of downtown locations, but at your price point, it wouldn't be horrible. It's 3 blocks from Biscayne Blvd, and is across from the old Miami Arena. It's located on the corner of NW 8th St and N Miami Ave) called The Madison. Miami Condos for Sale | The Madison Downtown Miami Condominium

It has a lot of nice features like a pool, tennis, fitness center, etc. New units start at $109,900 for a 1 bed, 1 bath. I see a resale listed at $105K. There are probably more, that was just a quick search I did. The building IS FHA approved, so it's a possibility for you. It's also close to the Overtown Metrorail station, which, although Overtown isn't a good neighborhood, the outskirts are fine. I'm not sure the quality of construction is the best, though.

You could also probably swing a Miami Beach condo; however, keep in mind it will be TINY. Around 350 sq ft or so.

[NYer75]

Thanks a lot gixxer1000 and Coconut1...appreciate it!