Seeking “Spot” Condos for FHA Loans

FHA loans are about the only ones out there these days that will let buyers put down less than 20%. In some cases, it’s possible to put down a minimum of five percent. The loan limit is soon to be $729,750.

But that’s for single-family homes, and condos within approved buildings. I wrote a previous post outlining some of these FHA-approved buildings. If you don’t see your building of interest on that list, all might not be lost.

In some cases, the FHA will approve a “spot” condo—i.e., one condo in the building—for a loan. All the condo information needs to be submitted with the loan approval application. The catch? There can only be one “spot” condo in the building. If another unit already has an FHA loan in place, you’ll be out of luck.

One response to “Seeking “Spot” Condos for FHA Loans”

  1. Mike says:

    Just passing by.Btw, your website have great content!

    _________________________________
    Making Money $150 An Hour

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

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