Keller Williams Greater Seattle

Newly constructed FHA approved condos

By on January 12, 2009 in Condo News, Mortgage, Real Estate with 6 Comments

A number of new condo developments have obtained FHA approval.  With FHA approval, buyers can more easily obtain FHA financing for their purchase.  Compared to conventional loans, FHA provides low down payment requirements, slightly more lenient guidelines with higher ratios and allows for gift funds.  In King County, the FHA loan limit is $506,000.

Here’s a list of recently completed developments that have obtained FHA approval:

Gallery – Belltown, website

Trio – Belltown, website

Parc – Belltown, website

Blue Heron – Magnolia, website

Danielle – Ballard, website

Noma – Ballard.  Noma is sold out but re-sales are eligible for FHA financing.

Sylvan Ridge – West Seattle, website

Ruby Condos – Eastlake, website (pending approval)

Thornton Place – Northgate, website (pending approval)

 

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About the Author

About the Author: Ben Kakimoto is a condo marketing specialist and publisher of The Seattle Condo Blog. Ben's focus is urban residential properties in Seattle's metropolitan core. Contact Ben to learn more about the Seattle condo and loft real estate market. Find Ben on Google+, Twitter and Facebook. .

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There Are 6 Brilliant Comments

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  1. Tanya Foster says:

    Hi Ben,

    Ruby will also be FHA approved so we’d love to be added to the above list.

    With prices starting at $269,990 Ruby offers:

    – More square footage for the price
    – Gourmet kitchens with gas cooktops
    – Slab granite counter tops and hardwood floors
    – 9′ ceilings with full height windows
    – Large private balconies or walk out terraces
    – Fantastic Lake Union Views from most homes
    – Plus many more fabulous features!!!!

    Grand Opening Sat & Sun Feb 7th & 8th 11 – 5pm. Hope to see you there!!! http://www.rubycondos.com

  2. Danielle in Ballard is also FHA approved http://www.daniellecondos.com

  3. Reality Check says:

    I hate to once again reiterate what I posted earlier, but it appears that condo builders and developers are building cookie cutter replicas that have zero individuality in order to maximize profits at the expense of truly building homes for citizens.

    My issue once again is the attached outdoor “space” that condos fail to provide on their patios.

    Why is it that developers are continually building these sham condo offerings and not developing them with with a deck that is considered usable?

    Condos need to have a deck large enough to support at a minimum a round table, 4 chairs and a BBQ grill!

    In case I failed to make that clear, please build BIG patios that someone can actually lay out on and have the sun be able to hit your body on sunny days. That means a platform big enough to catch the sun from different angles at different times of the year.

    Consumers are being forced to accept the garbage that big developers shove down our throats. They aren’t “livable”! Give me a deck that I have the option to put a hot tub on please!

    Until the condos in this region start reflecting what people want, they will continue to flounder.

    I see that price drops have again happened on Condos in the region. Maybe if you would build amenities that actually were usable, this wouldn’t be the case? If I had the choice between a cramped condo, or for an extra $300 a month, I could get into a home with a backyard in the exurbs which would you buy?

  4. Reality Check says:

    Note that both Danielle condos, and Ruby condos above make prime examples of my point.

    Ironic unfortunately. Sad but expected.

  5. earlybird says:

    Reality Check,

    You may want to look into older condos as their deck spaces are pretty ample. Many developers/builders do not incorporate functional decks spaces (or any at all) as they not only add great cost to the building, but also increase maintenance costs for all owners when the Board of Directors take over. Newer buildings opt for a roof top deck which can strike a balance between livable outdoor space and decent condo dues to maintain this space. Right now our condo is undergoing remediation. Much of our dry rot is due to deck beams that were not flashed back in 1978. Once completed, I will have a structurally sound deck with ample room to entertain. But, this comes with a hefty price tag.

  6. eric says:

    Reality Check needs a reality check. There’s probably not a condo around that will let you install a hot tub on the deck even if it’s sized large enough to accommodate one due to the liability of the weight load. Most condo association rules prohibit waterbeds for the very same reason.
    As much as a condo developer would like to please everyone it’s not possible. If your criteria for quality condo design is a deck that you can put a hot tub on, well Mr. Check, good luck.

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