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How can I find out which condo communities allow fha loans?

I'm a first time home buyer and I honestly think that an FHA loan is the best way to go for me as I do not have funds to make a 20% down payment on anything.
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February 04 - Sandy Springs
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Answers (9)

The easiest way is to ask your FHA lender. They should be able to tell you quickly if a particular community is eligible. Good Luck!
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February 04
Hi,

To answer your question, the HUD condo search link provided in previous responses is a great source to locate FHA approved condos.  I've represented buyers with FHA financing and the condo they were interested in was NOT FHA approved,. The condo association had to apply by signing a form and meeting owner/renter ratios, completed construction percentages and a few other requirements.  Not many hoops to jump through to have a condo complex FHA approved, so keep that in mind as well.
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February 04
I agree strongly with most of the other posters. These days, due to recent regulatory changes, FHA is almost the loan of last resort. You will benefit greatly in the long term if you can possibly come up with the 5% needed for a FNMA loan.
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February 04
To touch on Linda's comment: FHA loans can have both fixed and adjustable rates (ARM), just like conventional loans.
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February 04
There are many benefits to FHA loans such as the low down payment, easy credit qualification, low closing costs, and competitive rates. Although, there are other conventional options with 5% and 10% down as well that you may want to consider. I recommend you look into this different loan options and compare them side by side with a loan officer. Please check the link below for the HUD website for FHA approved homes. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!

https://entp.hud.gov/idapp/html/condlook.cfm
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February 04
As the others mentioned, you need to look at Conventional vs. FHA side by side. If the absolute maximum you have for a down payment is 3.5%, well then FHA is the only way to go. If you can stretch it to 5%, you could have more options.
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February 04
I agree with Justin. Not having 20% down payment does not mean FHA is your only choice. Conventional loans are available with only 5% and make more sense for many borrowers than FHA. If VA is an option for you (veteran or active duty), that is another route to consider. Contact a reputable mortgage professional in your area (plenty here on Zillow) and discuss the pros and cons of each loan type with them. As for the condo search portion of your question, the others have it covered. 
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February 04
For Hud-approved condo search engine: https://entp.hud.gov/idapp/html/condlook.cfm
FHA requires at least 3.5% down payment for home loan.  I would recommend contacting a lender that handles FHA or VA direct endorsements. FHA is great for the first time owner and its a fixed interest rate loan.
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February 04
https://entp.hud.gov/idapp/html/condlook.cfm

You should have your Loan Officer show you both conventional and FHA options. Just because you don't have 20% down doesn't mean FHA is the best program for you. Conventional can be done with just 5% down, and you can save quite a bit throughout your loan term. 
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February 04
 
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How can I find out which condo communities allow fha loans?
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