If you’re a buyer approved for an FHA loan, your choices are somewhat limited when it comes to condo possibilities.
The FHA was okaying condo buildings on an individual basis to add to its existing list of approved properties—until recently. From this point on, there won’t be any further spot approvals. And in October, the projects on the list will be required to apply to remain on the list.
Here’s a bulk of the approved-building lineup:
900 Minnesota (Esprit Park, just approved)
4451-4455 Mission (Mission Terrace/Excelsior border)
631 Folsom (BLU)
901 Bush (downtown)
300 Berry (The Arterra, Mission Bay)
201 Harrison (Baycrest)
115 Red Rock Way (Diamond Hghts)
1839 15th St (Dolores Plaza)
43 Ora Way (Diamond Hghts)
1235 McAllister (McAllister Mews, Western Addition)
601 Alabama (Mosaica)
829 Folsom (SoMa)
750 Van Ness (Symphony Towers)
74 New Montgomery (downtown)
1160 Mission (SoMa Grand)
364/356 Carl (Parkview Commons)
So in the end, what this means for condo buyers with FHA loans is that they will be limited to purchases within the aforementioned properties only.