
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):
| Downtown area Arbor Place Cosmopolitan Escala Florentine Klee Matae Meridian Mosler Lofts Royal Crest Vine, The Waterfront Landings Capitol Hill, Central area |
Queen Anne, Magnolia 2001 Westlake 2048 Andiamo Ashbury Bostonian, The Dravus Place Citadel, The Courtyard at Queen Anne Square, The Kinnear Vista Magnolia View Quarterdeck Signature Place Taylor Condo Towne Terrace Willis, The Windy Hills 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.


Heron / Pagoda: Twin condo/hotel project at 5th & Stewart – Dead, with the property having gone into foreclosure.
Seneca Towers: a twin tower condo project at 8th & Seneca – To be developed as apartments. I happened upon a property management website showing the property renamed the Park Seneca, its original name.
Veer Lofts (
Madison Lofts is a much smaller building with only 20 loft homes compared to the much larger 99-unit Veer. All of Madison Lofts’ homes are multi-level full-lofts with 16′ ceiling height, on-par with Veer’s full-lofts. Homes at Madison Lofts essentially start from the upper-$400,000s, though two larger units with expansive outdoor space begin at just under $1 million.
The Gallery condominium in Belltown is in the final stages of completion with residents already moving-in. At one point Gallery offered “SkyLofts”, two-level loft units on the upper floors, but eventually replaced those with single-level flats. Fortunately, for those interested in loft living, Gallery did retain its ground floor loft-styled townhomes. Though, these are aimed towards a different demographic and are larger, ranging in size from 1,000 to 1,195 square feet. They’re also priced quite a bit higher, between $622,000 and $740,300.
The concrete and steel constructed 

Union & Madison LLC has proposed a 5-story 91-unit complex on the triangular block SW of Trace Lofts. The building is designed by Runberg Architecture Group whose other projects include The Crawford on Capitol Hill and the Selano in Lower Queen Anne.
Designed by Tom Kundig of Olson Sundberg Kundig Allen Architects, 1111 East Pike is just west of Trace North on E. Pike Street. The proposed 6-story project will feature 27 condominium homes. 



