In today's market, many buyers are using FHA backed mortgages to finance a purchase of a new home or condo. The FHA offers loans with as little as 3.5% down, which is very attractive, especially considering the $8,000 first time home buyer tax credit. According to a recent survey of home builders by John Burns Real Estate Consulting, the FHA has backed a staggering 62% of new home loans given in South Florida.

So, its no surprise that I have been working with many condo buyers lately looking to get FHA backed loans.  This has not been an easy task.  There are not many FHA approved buildings in the greater downtown Miami area. In my opinion, the best FHA approved building is IOS on the Bay located in where 62nd Street meets Biscayne Bay in Miami.

IOS is a brand new bayfront development consisting of only forty three residences in a combination of one, two, and three bedroom floorplans. The two and three bedroom units have a direct view of the bay. The one bedroom units start at $200,000, and the two bedrooms start at around $285,000. Two bedroom direct bayfront units are available from $425,000 and up. Sales have just started and the developer is motivated to make the next couple of sales. Feel free to download the PDF brochure on IOS here, and view the gallery below of some of the model units.

In addition to IOS, there are 10 or so other buildings that I would consider showing to clients.

• The Sail (170 SE 14 St, 33131)
  • New Building Located in the Heart of Brickell. 1 & 2 Bedroom Units Available from the low $200's
• The Platinum Condominium (480 NE 30 St, 33137)
  • New Luxury High Rise Waterfront Condo. 1 & 2 Bedroom Units Available from the low $200's
• The Charter Club (600 NE 36th St, 33137)
  • 1 & 2 Bedroom Units Available from the $150's
• Madison Downtown Condo (800 N Miami Ave, 33136)
  • Centrally located to nearby nightclubs, the design district, Bayside Marketplace, the Performing Arts Center, AAA Arena, eateries and downtown Miami. Developer owned 2 bed, 2 baths start from $129,900.
• Highland Park Lofts (1350 NW 8 Ct, 33136)
  • 1 Bedroom Units Available from the $140's
• Brickell View Condo (126 SW 17 Rd, 33129)
  • 2 Bedroom Units Available in the $120's
• Flagler First Condominium (101 E Flagler St, 33131)
• Milana Condominium (652 NE 63 St, 33138)
• The Bank Condominium (8101 Biscayne Blvd, 33138)
  • Loft Style Building with Studios, 1 & 2 Bedroom Units Available.

If you have questions about obtaining a FHA loan or are interested in more information about these FHA approved buildings, please contact Miami Condo Shop.

Tags: brickell, condo buyers, downtown miami, fha loan, first time home buyer, miami condo, mortgage