Recently I researched the financing available for ocean front condos, not impossible, but varies from complex to complex, so you do your research building by building
Financing will be based on the HOA Management Control, the sq footage of the condo, the status of the buyer's credit,buyers ownership of other properties. The smaller the unit the more the purchaser would have to invest of his money. Under 750 sq ft one would have to deposit approximately 55% of the sales price.
In a market where you can purchase an ocean front condo,( with gross rentals of $30,000,) for $100,000 you would need 55,000 in cash to put down if the unit is under 750 sq ft.
It is not impossible but it does require knowing everything about the condo complex and working closely with the bank.
Cash of course is the best, but in this market the investment possibilities are unlimited for the buyers!
Need Fannie & Freddie to get back into the ocean front condo market, but in the meantime, cash is a buyer's purchasing power!