The FHA stopped granting what were called condo “spot approvals” in 2009. This meant that if you didn’t want to purchase a condo that was on the approved list (typically large buildings), you were simply out of luck. Continue Reading
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Tag Archives: FHA
Government Shutdown May Hit FHA Buyers
Update: Looks like the government shutdown has been averted! But in case anything else arises to shut down the government, here’s how your FHA loan can be affected.
Politicians are scrambling to avoid a potential government shutdown, which would affect many aspects of everyday life. The primary effect the shutdown may have on the real estate industry is that FHA loan processing may be substantially slower. Continue Reading
No More FHA Condo “Spot Approvals”
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. Continue Reading
Sold: 2074 45th Avenue
My 3BR/1BA listing in the Outer Parkside sold on Wednesday for $673,500. List price was $668,000, and we received a total of four offers.
Good news for buyers out there: The new owners of 45th Avenue came in with 3% down and obtained an FHA loan. The transaction went through without a hitch. This is the second sale I’ve closed over the past several months that involved an FHA loan. I haven’t encountered problems yet, despite what you’d think in the current economy.
FHA Loans Cover Condos
Though Federal Housing Administration (FHA) loans cover single-family homes and multi-unit buildings, these loans include condos, too. The loan amount maximum is $625,500, and you can obtain a loan with as little as three percent down.
However, the condo must be located in an FHA-approved building. So what buildings are approved? Here’s a partial list: Continue Reading
Get in touch:
Eileen Bermingham
Corcoran Global Living
415.823.4656
eileen@insidesfre.comDRE# 01352627
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