Buying a home is exciting—but it can also be overwhelming, especially when it comes to financing. For many Florida buyers, condos offer a great lifestyle with lower maintenance and appealing amenities. But if you're planning to use an FHA loan, finding an approved condo can be tricky, especially in Pinellas, Hillsborough, and Pasco Counties.
Why FHA Loans Matter: FHA loans help make homeownership more accessible, particularly for buyers with lower credit scores or smaller down payments. But not all condos qualify! Only a handful of condo associations in these counties are FHA-approved, making the search more challenging.
Here’s a quick look at the numbers:
Pinellas County: Only 5 FHA-approved condo associations
Hillsborough County: Just 3 FHA-approved options
Pasco County: A single 1 FHA-approved condo
So, what does this mean for buyers? Let’s break it down.
FHA Loan Requirements for Condos For a condo to get FHA approval, the association must meet strict criteria, including:
Owner-occupancy: At least 50% of units must be owner-occupied
Financial stability: The association must have solid reserves and a good financial track record
Approval duration: FHA certification lasts two years before requiring renewal
Property condition: The condo must meet safety and maintenance standards
Because of these rules, FHA-approved condos are in short supply, which makes competition fierce for eligible buyers.
Pinellas County: Limited FHA-Approved Condos Pinellas County, known for its beaches and vibrant lifestyle, has only five FHA-approved condo associations:
Coachman Reserves
East House West House
Landmark Towers at Sand Key
Sky Harbor Condo Apartments
The Palms of Tarpon Springs
With so few options, buyers need to act fast when they find an approved property.
Hillsborough County: Even Fewer Choices If you're looking in Tampa or the surrounding areas, your options shrink even further. Only three condo associations in Hillsborough County are FHA-approved:
Box Factory Lofts
Eastfield Slopes
Schooner Cove, A Condominium
Because of this, buyers should explore all financing options and consider different neighborhoods.
Pasco County: The Lone Option Pasco County has just one FHA-approved condo association:
Wood Trail Condominium
This single option makes it even more challenging for buyers who rely on FHA loans, meaning alternative financing might be necessary.
How to Navigate These Challenges With so few FHA-approved condos available, how can you improve your chances of finding the right one? Here are some key strategies:
Start early: The sooner you begin your search, the better your chances of securing an FHA-approved condo.
Work with a knowledgeable realtor: An experienced agent can help you identify suitable properties and navigate FHA requirements.
Get pre-approved: Having your FHA loan pre-approval ready makes you a stronger buyer in a competitive market.
Explore other financing options: If the options for FHA-approved condos are too limited, consider conventional loans that might offer more flexibility.
Keep an open mind: Expanding your search to different areas or condo developments could reveal hidden opportunities.
Final Thoughts: Finding an FHA-approved condo in Pinellas, Hillsborough, or Pasco County is tough—but not impossible. With careful planning, a proactive approach, and the right resources, you can find a home that fits your needs and budget.
Jonathan Shupe NMLS ID# 1649211 is Manager of Shupe Lending Group NMLS ID# 2478065. Jonathan Shupe and his team of loan officers are licensed in multiple states. Many of the borrowers of Shupe Lending Group are individuals who did not qualify at other lenders due to those lenders overlays on government and conventional loans. We have a reputation of being able to work with over 270 different lenders to be able to offer out clients dozens of non-QM and alternative financing loan programs. Any non-QM mortgage loan program available in the market will be offered by our team at Shupe Lending Group. Our team is available 7 days a week, evenings, weekends, and holidays.
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