One of the challenges that many 1st time homebuyers find in the St. Petersburg and Clearwater condo market is that most buildings do not have FHA or Fannie Mae approval and thus do not qualify for low down payments. What this means is that somewhere between 20% to 50% down payment may be required – and that’s if you can can even get financing in that given building. In buildings with high rental occupancies (we see these a lot along certain parts of Gulf Boulevard), often a cash purchase is your only option.

But wait – there are condo options out there for 1st time homebuyers as well as for people looking for a second home or vacation property with a low down payment. Smith & Associates Real Estate has teamed with the developers on are Station Square and Water’s Edge condominiums in Clearwater. These two buildings are the only two Fannie Mae approved condos in Pinellas County and qualify for up to 95% financing. Yes, you read that right, you only need 5% down payment if you are buying as your primary residence! Secondary home buyers can qualify for as little as 10% down.

Please note the 5% conventional financing applies to units priced under the conventional loan limit of $417,000. Properties priced over $417,000 may qualify for a jumbo loan mortgage – down payment amounts vary by lender. Check out the current inventory at these two buildings below.

Water’s Edge Condos in Clearwater

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Station Square Condos in Clearwater

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To find FHA approved condos in Pinellas County, you can search here. Make sure to check that the building’s approval status is APPROVED and not EXPIRED which will show on the far right hand side of the results page.

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