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When purchasing a Florida home the  choices can vary greatly. Beyond purchasing a home there are other choices that include condos, town homes and villas as ownership choices. The factors that help to define the Florida mortgage options include how much land the owner is responsible for maintaining and how close the residence is to your  neighbors and amenities you have.


  • Down payment only 3.5% of the purchase price.
  • Gifts from family or FHA Grants for down payment assistance and closing costs OK!
  • Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid.
  • No reserves or future payments in account required.
  • FHA regulated closing costs.


  • 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
  • 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
  • 3 years after a Foreclosure FHA mortgage Lender approvals!
  • No Credit Score FHA mortgage Lender approvals!
  • 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
  • 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
  • Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
  • Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –


  • Villas-
  • Town homes-
  • Single Family
  • Condos-
  • Manufactured home-
  • Multi Family homes 1-4 Units
DIFFERENCE BETWEEN CONDOS, VILLAS AND TOWN HOMES- If you’re a first time home-buyer, chances are that you could be unclear regarding the differences between condo and a townhouse. You could be surprised to learn that the difference between a condo and a townhouse refers to the home’s legal ownership. Let’s explain the differences:
WHAT IS A CONDOMINIUM? A condominium is a unit that you own, excluding the land associated with the condo. That means you own the inside and outside of your home’s walls, but nothing on the exterior. Condos can be vertically structured, which means that you could have neighbors above or below your condo unit. When you own a condo, you are obliged to join the association through which you will pay your yearly insurance. As a condominium owner, you also co-own the entire condo structure with your neighbors.
WHAT IS A TOWN HOME OR VILLA? Unlike a condo, a villa or townhouse is a unit that you own, including the land underneath the villa. You own the inside and outside of your home’s walls, and all of the land associated with your townhouse or town home unit. Townhouses are only horizontally structured, meaning your neighbors will only be to the left or right of you.

By searching the legal description for a “Lot or Block” description you can tell if you own the land underneath your town home or villa unit.

VILLA HOMES –A villa is a large, detached structure with a comfortable amount of land surrounding it. It is very luxurious and may include amenities such as a pool, stables and gardens. A villa is very much like a single family home, in contrast to condos and town homes that are designed to house multiple families. Villas are found in less populated areas while condos and town homes are in more densely populated areas. Villas have the same maintenance and insurance requirements as a house or a townhouse. What sets a villas apart is its rich amenities and separation.

SINGLE FAMILY HOMES ARE LIKE VILLA- The owner is villa responsible for maintaining and insuring the entire home and the property included just like a single family home. A house differs from a condo or townhouse in that a house is surrounded by land on all sides. A house differs from a villa in that a house does not include the rich amenities that a villa includes.

CONDOS MUST BE FHA APPROVED- Condo owners have the title to the condo interior walls  of the condo and do not own the land on which the condominium sits. Insurance for a Condo is generally less expensive for a condo owner than for the owner of a house because the condo owner is only responsible for insuring damage or accidents that may happen inside the Florida condo unit. The buildings, land, exterior areas, and all public areas are insured by the condo association. Florida mortgage lenders require the condo association to fill out a condo questionnaire to determine the loan to value financing for Florida condominiums. The condo association also maintains the exterior areas of the condo unit including the  lawn, siding and roofs. Florida condo associations tend to place heavy restrictions on owners for what is visible from the outside of the condo, including what can be displayed in windows or hung from balconies. Expenses paid by the Florida condo association are funded by the condo owners via association dues.

TOWN HOMES- A town home owner owns the unit interior and the land on which the town home  also called a town house sits. A town home differs from a house in that a town home is not a freestanding house. Several town homes are usually connected to each other. Insurance is generally more expensive for a town home owner because the owner is responsible for the exterior areas of the unit and any patio area that is included in the owner’s title. The owner is also liable for any accidents inside or out on that owner’s part of the property. The town home association would insure the public areas, including parking lots, public buildings, sidewalks, and any recreational facilities. Town home owners commonly pay association dues. The owner is also responsible for maintaining all exterior area of the unit, including the lawn, siding and roof.

VILLAS GENERAL INFO- The term “villa” has grown to encompass many types of dwellings since it’s origination. The term Villa first was used to describe elegant and elaborate homes inhabited by wealthy Romans to escape to a Villa and relax. Currently, the Villa is more commonly associated with a Villa vacation home that are similar to a hotel in their amenities, but still resemble a Villa , luxurious Villa home, typically on a large Villa  estate that is well manicured and lavishly decorated.

Generally, a town home and a villa are “attached” homes rather than detached single family home. The differences with a Villa depends on the community may be the type of Villa ownership. In some cases, a villa/town home may be fee simple ownership where the Villa homeowner pays their own homeowners insurance and is responsible for the exterior maintenance such a roof, etc. In many or most instances a Villa is found at the beach, you may find that villas and town homes are condo ownership, where villa condo dues cover master insurance policy on exterior of building, maintenance of exterior of building such as roof, siding, common elements of the Villa community such as landscaped areas, etc.



US Mortgage Lenders has an extensive lender network that allows us to provide unique and mortgage solutions. Contact US for the most update information on terms and conditions. All Information on this site Is for example, hypothetical purposes and should NOT be relied on for decision making.
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