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Before you buy that condo, did you stop and ask if it is FHA approved?

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 Barsch
Long & Foster Realtors

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July 06 2010 - Adams Morgan
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It makes all the sense in the world for the condo association to seek FHA approval. FHA approval can really help a condo owner get their unit sold more quickly. I'm working with three association now as they've had a difficult time selling them. 
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July 06 2010
it'll help 1/3 of the owners sell; after that its back to the drawing board.
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July 06 2010
Denny - Thank you for your response.  FHA aproval is a big part of getting individual condos sold.  The bigger buildings for the most part are not affected by FHA approval, but some of the smaller ones are.  I wish you luck working on your 3 projects.

Norm - You're correct....and I'd venture to say unless they have the right buyer coming in, that percentage may be higher.  Thanks for commenting.
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July 07 2010
Stanley,  FHA will only insure 1/3 of the units in a complex.

Work with a lender that has DELRAP authority and as long as the condo meets FHA guidelines, it can be financed even if it's not on the FHA approved list.  A DELRAP can approve the condo and put it on the approved condo list!
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July 07 2010
 
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Before you buy that condo, did you stop and ask if it is FHA approved?
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July 07 2010 | 4 answers
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