Whats all the hype about FHA approved condos?
FHA loans allow for larger debt to income ratios, and smaller down payments. They are also easier to get because the loan criteria accepts people with lower FICO scores at reasonable interest rates.
Condos are often a good solution for first time buyers, single parents and older folks who are down sizing. If your condo isn't on the FHA approved condo list you will be missing many of these buyers.
The good news is that FHA has recently introduced a new program, the FHA Spot Approval. So if your complex is not on the FHA approved condo list, you still have options. Be aware that the FHA spot approval process will likely delay the closing of your property. It's a government backed process, so the extra time probably doesn't come as a surprise.
- Check the FHA Approved Condo List.
- If your complex isn't on the list, see if you can get your neighbors to see the benefits of being an FHA approved condo complex and start the process to get on the FHA approved condo list.
- Or, talk to your mortgage person about the FHA spot approval process. It's possible that you can get the documentation required for the FHA spot approval together ahead of time, and shorten the process.
- If you haven't already, setup a sold search alert on our website so you can see what other condos like yours are selling for. You can do this by going to the home page, and performing an advanced search. Contact us if you need help setting up the search, we are here to help.