Lenders NOW Financing Condo Developments in Channelside-Tampa, Fl

TOWERS OF CHANNELSIDE CONDOS NOW FHA Approved!

Designed to be a trendy, urban neighborhood, walking distance to shopping, restaurants and theater; Channelside was the hot spot a few years ago for those eager to live close to Downtown Tampa. Over development and the crash of the housing market, had turned the residential area of Channelside into a ghost town.

We are now seeing BIG changes as buyers are now able to purchase in these brand new buildings for nearly 50% of what they had orginally sold for. There was never a lack of interest to live in the Channelside area, the issue has been getting financing.

Over the past few weeks, several banks have been approved to offer financing in both The Slade and The Towers of Channelside Developments. Could this be the end of the drought for Channelside?

Florida Realtors reported a 59 percent increase in statewide sales of existing condos in February compared to the previous year’s sales figure; statewide existing condo sales last month rose 9.8 percent over the total units sold in January.

Ventana was the first condo project to receive FHA approval, which only requires a 3.5% down payment. The Ventana Condos went up for auction in November of 2009, however all of the units did not sell at the auction. A few remaining units are still for sale. If you are looking to take advantage of the tax credit, and need to use FHA financing, this is your best bet in the Channelside District.

The Towers of Channelside, the only high rise in Channelside, has just been approved to offer FHA financing. The Towers had already put 16 units under contract within the first 30 days, prior to the newly announced financing. Buyer’s who were waiting to get the great deals are finally going to be able to purchase. Units start in the 160′s, with Jr Penthouses starting in the 500′s.

The Slade Condos also just announced a similar program, offering 80% financing on a Conventional loan with Wells Fargo Bank. Condos at The Slade start in the 140′s to 300′s.

Skypoint Condos in Downtown Tampa is also FHA approved. The best deals are Resale units that are in foreclosure and short sales. Pricing is now starting in the 140′s!

Condo Projects currently not qualified for financing are:

The Grand Central at Kennedy
The Place at Channelside

These developments are considered “non warrantable” by the banks. Here’s an article I posted a while back on what you need to know about non warrantable condos