Updated 7/30/2010: Additional 30 newly minted FHA approved condos.
Ever since conventional mortgages implemented additional fees, tighter requirements and acquired a general distaste for condo purchases, it has gotten a bit more difficult to secure a condo loan. Those of us who work the condo market have seen more and more buyers shift to FHA backed financing for their purchases. FHA’s qualification guidelines are a bit more lenient and only require a minimum 3.5% down payment.
Add to that the number of first-time home buyers enticed to homeownership as a result of the tax credit, many condo associations have sought HUD/FHA approval for their buildings. This year alone, over 60 condominiums obtained HUD/FHA approval under FHA’s DELRAP or HRAP program, which means the approval is good for 24 months.
Here’s a list of newly minted FHA approved condos that received FHA/HUD approval this year (as of 7/30/10):
Capitol Hill, Central area
|Queen Anne, Magnolia
Courtyard at Queen Anne Square, The
North Seattle area
West Seattle area
Have a question about buying a condo using FHA or if you’d like more information on getting your condo building FHA approved, drop us a note.