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How to Find an FHA-approved Condo...Don't Miss This!

By
Real Estate Agent with Samson Properties

If you’re looking to take advantage of an FHA Loan and are considering a condo, you should be aware that not all condos are eligible for FHA Loans.

 

 

A condo can be a great choice for first-time home buyers. Also FHA Loans are great for first time buyers too. FHA Loans require down payments as small as 3.5% of the purchase price of the property. They also create loan opportunities for people with less-than-perfect credit or other financial challenges.

 

The low down payment comes with some strings attached, of course, mostly in the form of an upfront mortgage insurance premium as well as an annual mortgage insurance premium charged monthly. (Full details about FHA Loans can be found on the HUD website, here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/fharesourcectr.)

 

 

In addition to this catch, FHA Loans are only available for FHA-approved condos. The FHA wants to help buyers invest in assets which are worthy of investment in the first place. FHA requirements for condos are fairly stringent, and by some estimates upwards of 50% of condo associations fail to meet FHA guidelines.

 

 

Knowing this up front can save you a lot of time and hassle when shopping for a condo.  While you should consult with condo associations to determine whether or not they’re approved for FHA loans, you can also use an online resource to help you with your search or consult a Realtor.  Here is a link to an online database of FHA-approved condos:

 

 

U.S. Department of Housing and Urban Development (HUD) FHA Condo Search:

https://entp.hud.gov/idapp/html/condlook.cfm

 

 

Hopefully this will help you in your pursuit to find an FHA-approved condo!

 

If you’re looking for the perfect FHA-approved condo, contact me today to start your search.

 

Posted by

 

Denise Dimares, Realtor

Certified Default Resolution Specialist

The Agent who Informs, Inspires, Empowers and Transforms Lives

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