FHA brings relief for some condos [Central Florida]
The resort-style pool, spa and health club along with luxurious 10-foot floor-to-ceiling windows are no longer the key selling points for 101 Eola in Thornton Park.
Today the best thing going for the 146-unit condominium tower is that it’s the only newly constructed building in downtown Orlando that is FHA approved, a special government sanction that allows buyers to put as little as 3.5 percent down.
Such a low down payment is virtually unheard of in today’s condo market, where obtaining a loan can be nearly impossible, even when a buyer with good credit is able to put down 20 percent.
It’s evidence of just how far the condo market has fallen since the boom days earlier this decade when towers began growing like kudzu on the city’s skyline.