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You're about to buy a condo, but is the building FHA approved?
In many parts of the country, just as here in the Washington, D.C. area there are thousands of condos for sale. It is a fantastic away of living, my first property was a condo in the heart of Tenleytown. You don't have to worry about yard work, never have to take the garbage to the street, you pay your mortgage & condo fees...and off to the races you go.
Did you know that some buildings here in the area are NOT FHA approved? Why in the world does this apply to you? I'll tell you why.....
By FHA standards, the downpayment on a property is 3.5%. It is a great way to get "close to" the 100% financing that vanished several years ago. If the building you are buying in is NOT FHA approved, the outcome could affect your down payment on even a conventional loan. This may cause you to have to put more into the "pot", because lenders (come on guys chime in) are more weary about lending on properties that do not have the FHA blessing.
Why should you be concerned? Well, consider it another tool in your tool box. In the grand scheme of things, the realistic of the condominium not being FHA approved is slim to none. However, an educated consumer is a well rounded consumer.
You can see if a building is FHA approved by CLICKING HERE.
This applies to all condos: Adams Morgan Condos, Mt. Pleasant Condos, Georgetown Condos, Glover Park Condos, Tenleytown Condos, Cleveland Park Condos, Silver Spring Condos...and all other areas.Best regards,Stanley BarschLong & Foster Realtors
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