Is condo FHA approved?

condo FHA loan
If you’re among those looking forward to buying a condo using an FHA loan, there’s one crucial aspect you should be aware of: the location must meet a few requirements and be included on the FHA Condominium Approval List. Basically, condo associations must apply to have their project added on the list, first thing first.

What’s an FHA approved condo?

Such locations are basically residential condominiums that meet all the property eligibility requirements and are, of course, available for purchasing the above-mentioned loan. The Federal Housing Administration insures one unit condos in which you can get either a 15 year or a 30 years fixed-rate mortgage.

Generally speaking, any condo can be bought using many different types of home loans, even conventional loans. However, if you want to get one through an FHA loan, the property must be approved by the Administration.

Which are the eligible projects?

There are a few types of condo projects the United States Department of Housing and Urban Developments considers eligible, as it follows:

  • Detached or semi-detached units
  • Manufactured housing
  • Row house
  • Walk up, mid or high-rise
  • With or without an elevator
  • Anything that contains at least two units

Where should I check if a project is approved?

Let’s just say that you found the ideal condo complex and you’re fancying buying one.

In order to see if the condo is FHA approved, you should start with checking the master list of FHA-approved condo projects, available here.

What are the main general approval guidelines?

The main condition for a condo to be FHA approved is that it should consist of two or more units. Also, no more than 25 percent of the project’s total floor area can be used for non-residential/commercial use, while no more than 10 percent of the units can be owned by one investor. Finally, no more than 15 percent of all units’ homeowners association fees can be 60 or more days late.

Why You Should Become a Non Habitual Resident in Portugal

Become a Non Habitual Resident in Portugal

Becoming a non-habitual resident of Portugal is in your best interest and one of the best kept secrets among the European elite. For the modern investor, Portugal provides a number of unique and promising opportunities. With a long standing reputation for historically steeped culture, wine production, one of the world’s top seafood industries, and ideal weather, Portugal sees millions of tourists arrive on it’s shores each year. Maybe you’ve even been one yourself, if so now is the time to exchange your tourist status for an entirely different title: Non habitual resident. If Portugal has you coming back year after year to enjoy all the things this beautiful country has to offer, or if you’ve never been and are looking broadly at possible investment opportunity, Portugal houses a tax regime and quality of living that appeals to anyone. Let me just break it down for you.

Taxes

The nation offers a special tax regime for the non-habitual resident in Portugal. It has a flat income tax of 20% on most self- employment sourced incomes and Portuguese sourced income, as well as free remittance of funds, meaning inheritance, gift, and wealth taxes don’t exist. Furthermore, an exemption for almost all foreign sourced income is available to non-habitual residents. Beneficial treatment for pensions and other life-insurances can also reduce the tax burden on invested capital income (like rental property or capital gains). Portugal has also signed in a number of double tax treaties with multiple countries as well as investment protection agreements and tax information exchange agreements, allowing for your business to work well beyond the borders of this beautiful country without being financially penalized. If your business concerns the arts, science, or is technical in nature, you may also be privileged to further beneficial tax regimes or not subject to income tax at all.

Residency, citizenship, and non-habitual residence

Portugal also offers a residence process that is easy to navigate with a possibility to apply for nationality (and consequently that longed for EU passport). Non habitual residents in Portugal are eligible to enjoy 10 years of zero or low income tax rates. Becoming a non-habitual resident in Portugal is extremely easy and the bureaucratic process is streamlined for existing EU-citizens. To apply:

  1.  Get a resident permit if you are an EU citizen, or an EEA or Swiss National, or obtain a “Golden Visa”.
  2. Obtain a taxpayer ID number as a non-resident, by applying at the local tax office. Both actions generally take less than a few hours each to accomplish, largely thanks to the smooth and straightforward tax system that Portugal operates under.

To obtain residency, follow these simple steps, but include your Portuguese residential address when filling out the required forms.

The Golden Visa

The Portugal Golden Visa is a program that was instituted by the government to attract investment into the country itself. Holders of a Golden Visa can be from virtually any nationality providing that the prospective non habitual resident in Portugal invest in properties worth at least 500,000 euros, create a minimum of ten jobs, purchase property built over 30 years ago with the intent to restore, or a 250,000 euro minimum investment in artistic, scientific, touristic or technological production. This tax and residency scheme has been associated with investments of over 1.8 billion euros from 3000+ persons. Showing that the legal, whitelisted, tax regimes and the investment opportunities are a win/win for both investors and the nation itself. More over, properties in Portugal. With tourism being an up and coming prospect in Portugal, a small initial investment can see large profit margins expected within a short timeframe.

Cost and Comfort of living

Alongside of promising investment opportunities coupled with low to zero tax obligations, Portugal also provides a comfortable place to hang your hat. Most residents of Portugal are multilingual, with 27% of the population speaking fluent English, closely followed by 24% fluent in French. Prices of goods and services are found to be a staggering 33% lower than those of the United Kingdom and a mean 24% lower than the US. Rental and property price differences boast an encouraging 38% decrease from UK prices and are 45% lower than the US. As an added bonus, UK natives can enjoy an 85% increase in local purchasing power, ensuring that your pound goes farther. Portugal offers healthcare coverage to individuals at any point in the residency process, easily obtainable through any of the three coexisting systems. Their standard for healthcare is incredibly high and they were ranked 14th in the 2016 Euro Health Consumer Index, showing a steady climb in price-quality and overall quality since 2012. Portugal is also home to some of the world’s best beaches, without the disadvantages of overcrowding, allowing yourself and prospective clients an unobstructed view of the gorgeous landscape. Not only that, but with their abundance of maritime ports and unfettered access to shipping routes, Portugal also provides an excellent source of cost effective international shipping methods, not to mention an almost constant influx of international tourists arriving on a multitude of high-end cruise lines.

Tourism

Non habitual residents in Portugal
Tourists, both local and international, flock to religious sites, historic landmarks, cities, and beaches in Portugal by the millions each year. With overnight stays increasing by 21% in the last year alone. Lisbon has been in close competition with Barcelona for the leading European city to stay in for sometime, but there has been an overall increase in tourism throughout the country in the last year that has made potential investors take notice. In the World Travel Awards of 2015, Portugal received 77 nominations and took home 14 titles. Top Travel Guides, like Lonely Planet, have designated Portugal as one of the top 3 countries to visit in 2018, giving added confidence to investment prospectives. Portugal takes the cake, or the wheel, in the wine and cheese game as well, with a booming and solid wine industry of which the notable quality dates back to the 12th century.

With the transparent structure of low to zero cost tax regimes alongside the simple and speedy processes regarding residency, Portugal offers investors, pensioners, and prospective expats a quick and affordable transition into the future. Impressive healthcare, business opportunity, and cost of living all make Portugal a comfortable place for relocation, but the real beauty of it is found outside of the fiscal plane, and in the landscape, culture, food, wine and weather. Think of Portugal as a sound life venture, not just a sound financial investment.

Top Real Estate Companies in Miami

Best Real Estate Companies in Miami

Miami is one of the busiest cities in the USA and not just because of its residents but also because it stands as one of the most attractive destinations for the tourists. Every resident and even tourist always wants to stay at a location which is amazing and attractive such as one on the beach side. However, to get the best option within reach and at the best price, it is necessary to get a real estate company that not just simply attends to the needs of its clients but also has one of the most fluent and connected network in the whole of Miami. In the case of Miami, getting the best location for permanent or even temporary residential purposes is hard to get as there are many real estate companies prying on every location. It is a competition which requires extra efficiency otherwise you could end up making a bad deal. Thus, to make things a bit easier for you we have sorted some of the top real estate companies in all of Miami.

Beachfront Realty – Well, when it is about getting hands on the best location in any corner of Miami, Beachfront Realty could possibly be the answer to all your concerns. There is no doubt that getting the best spot in Miami is often a challenging task but Beachfront Realty gets things done easily. This is because it has a huge and interconnected network which works excessively to get the best options served to its customers.

Florida Realty of Miami – This is not just another company serving its purpose in the real estate market. Yet it is one of the best companies in the industry which not just offers the basic real estate company services but makes sure that client’s needs are kept first. This is unlike other companies which are always in spite of making commissions over clients; instead it focuses on delivering and then earning what they rightfully deserve, although, they have a very nominal fee compared to other companies.

Coldwell Banker – Coldwell Banker is one of those companies which specifically focus on adding value to their services by delivering what the client requires instead of just offering them what they already have in abundance. They believe that anyone can be an estate agent but to be a firm that cares, there agents specifically work towards the acquisition of spaces that are extraordinary.

Real Estate Maximums – If you are looking specifically for a residential space alongside the beach, Real Estate Maximums could actually be the best solution and end to your search. With its widespread network and agents in the Miami city, it continues to serve its customers with the best residential spaces, whether for permanent purchase or rentals. You could always find a great option to live by the beach with Real Estate Maximums and if not, they could always come up with an option that will get you going.

There are many other great options in the real estate market due to high competition but above are some of the best real estate companies that will always get you best options in Miami.