Gulf Access Waterfront Properties for Sale in Naples, Marco & SWFL
Jared Sugerman
(239) 919-4949(239) 919-4949

More FHA Loans in Pipeline for Naples Gulf Access Condos

In a good sign for owners and potential buyers of Naples Gulf Access condominiums, a recent change in rules should increase the availability of coveted FHA loans.  FHA, or Federal Housing Administration insured loans have been a top loan instrument for first-time homebuyers and minorities since 1934.   Millions of home buyers have become homeowners when they would have otherwise not qualified.  Among the advantages of FHA loans, are low down payments of as little as 3.5%, and acceptability of lower credit scores of 580 and up.  The disadvantages of FHA loans include higher costs in the form of additional required mortgage payment insurance, and fewer availabilities of properties.

The change in law should help assuage the latter disadvantage of fewer number of available properties.  Generally, it has been very difficult for Naples Gulf Access homebuyers to secure FHA loans on condominiums.  The change in laws should encourage more large banks to offer FHA loans on Naples Gulf Access condominiums, because the HUD and DOJ have agreed to ease the regulations on banks.  The change in law comes in the form of a memo of understanding between HUD Secretary Ben Carson and U.S. Attorney General William Bar.

The National Association of Realtors® has since issued a statement praising HUD and DOJ for the agreement that will likely increase the availability of FHA loans for Naples Gulf Access properties, especially condominiums.  NAR President John Smaby stated, “NAR believes this change will help more consumers access low down payment loans and ensure a wide range of financial institutions will offer Federal Housing Administration-backed loans in the future, which is particularly important as new FHA condominium loan policies have created additional opportunities for potential homebuyers across the country.”

The maximum FHA mortgage in Naples and Collier County, Florida is $450,800 for 1 living-unit homes.  This ample mortgage limit allows plenty of homebuyers to lock in a Naples Gulf Access property with as little as 3.5% downpayment.  Please contact Naples Gulf Access for a list of waterfront properties in Collier County that can be obtained with an FHA loan.

Posted on November 3, 2019 at 5:09 pm by Jared Sugerman

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Contact Naples Gulf Access to Request a Showing or Consultation

  • Facebook Feed

  • Naples Gulf Access Recent Posts

  • Naples Gulf Access Waterfront Rentals For Lease

    655 Galleon DR

    Naples, FL

    • 4 Beds
    • 4 Baths
    • 3,590 sq ft
    • -- lot
    • $27,000

    110 Guadeloupe LN

    Bonita Springs, FL

    • 5 Beds
    • 7 Baths
    • 8,030 sq ft
    • -- lot
    • $25,000

    245 Broad AVE S

    Naples, FL

    • 4 Beds
    • 6 Baths
    • 4,500 sq ft
    • -- lot
    • $35,000

    72 6th ST S

    Naples, FL

    • 3 Beds
    • 4 Baths
    • 3,325 sq ft
    • -- lot
    • $30,000

    8111 Bay Colony DR, Unit 1501

    Naples, FL

    • 3 Beds
    • 4 Baths
    • 3,061 sq ft
    • -- lot
    • $35,000

    8231 Bay Colony DR, Unit 1604

    Naples, FL

    • 3 Beds
    • 3 Baths
    • 2,980 sq ft
    • -- lot
    • $28,000

    111 5th AVE S

    Naples, FL

    • 4 Beds
    • 6 Baths
    • 7,318 sq ft
    • -- lot
    • $40,000

    9653 Gulf Shore DR, Unit 203

    Naples, FL

    • 3 Beds
    • 3 Baths
    • 1,943 sq ft
    • -- lot
    • $25,000

    6897 Grenadier BLVD, Unit 1001

    Naples, FL

    • 5 Beds
    • 5 Baths
    • 5,280 sq ft
    • -- lot
    • $30,000

    11125 Gulf Shore DR, Unit 307

    Naples, FL

    • 4 Beds
    • 4 Baths
    • 4,184 sq ft
    • -- lot
    • $31,000

    137 2nd AVE N

    Naples, FL

    • 3 Beds
    • 3 Baths
    • 2,432 sq ft
    • -- lot
    • $30,000

    1221 Butterfly CT

    Marco Island, FL

    • 4 Beds
    • 6 Baths
    • 5,200 sq ft
    • -- lot
    • $55,000

    1289 Orange CT

    Marco Island, FL

    • 4 Beds
    • 5 Baths
    • 4,400 sq ft
    • -- lot
    • $30,000

    8665 Bay Colony DR, Unit 1401

    Naples, FL

    • 3 Beds
    • 4 Baths
    • 3,410 sq ft
    • -- lot
    • $35,000

    26918 Hickory BLVD

    Bonita Springs, FL

    • 4 Beds
    • 6 Baths
    • 4,578 sq ft
    • -- lot
    • $55,000