The Department of Housing and Urban Development recently changed the rules for condominium financing. The most significant change was the elimination of the “spot loan” approval process. The HUD used to allow condominiums that followed the FHA guidelines to be financed through FHA loan programs even if they were not officially FHA approved. This is no longer the case, therefore it is more important than ever for condominium associations to follow and apply for FHA approvals.
FHA loans are more favorable to a lot of buyers because the programs are more lenient towards credit scores and require smaller down payments. FHA loans often require as little at 3.5% down payment. Because condominiums are typically less expensive than homes they are financed easier through FHA loans.
I have provided with a list of the FHA approved condos in Bellingham. These approvals are current through 10/20/09.
Lake Padden Estates Condos
Maple Glen Condos
Maple in the Reserve at Cordata
Pacific Trails Estates
The Drake Building Condos
Ryan Martin – Windermere Real Estate/Whatcom, Inc.
Direct Line: 360-296-7366