condo: Will FHA Finance A Condominium?
- 08/23/07 11:59 PM
With the current problems in the mortgage industry, an FHA Mortgage could be a viable alternate for buyers today. Including buyers who would like to purchase a condominium. Most agents are aware of the fact that the FHA will finance a 1 to 4 family dwelling. Well, FHA will also finance a condominium. The condo must be located in an FHA approved condominium project or development. The lender must be an approved FHA lender, such as a mortgage company, bank, or savings and loan association. Any creditworthy potential buyer who meets FHA underwriting criteria and will make the condominium unit their principal residence is eligible. Even if … (14 comments)
With the current problems in the mortgage industry, an FHA Mortgage could be a viable alternate for buyers today. Including buyers who would like to purchase a condominium. Most agents are aware of the fact that the FHA will finance a 1 to 4 family dwelling. Well, FHA will also finance a condominium. The condo must be located in an FHA approved condominium project or development. The lender must be an approved FHA lender, such as a mortgage company, bank, or savings and loan association. Any creditworthy potential buyer who meets FHA underwriting criteria and will make the condominium unit their principal residence is eligible.
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