Seattle condos gain FHA approval
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.
This is great news Ben. Trace North Condos in Capitol Hill were FHA approved last year but we are still selling. 20 homes are available in Trace North with prices ranging from $234,950-mid $500k’s.
Ben,
This is a great post! I’ll link it up on FB as well.
Just another example that FHA loans are starting to gain popularity across the nation…
This is wonderful news and should bring in more sales!!! Plus, it would also be more convenient for home buyers since the FHA only requires a 3.5% downpayment.