How to Find an FHA-approved Condo in Stuart, Florida
If you're looking to take advantage of an FHA Loan and are considering a condo, you should be aware that not all condos are eligible for FHA Loans. A condo can be a great choice for a first-time buyer. Also great for first-time buyers? FHA Loans. Many FHA Loans require down payments as small as 3.5% of the purchase price of the property. They also create loan opportunities for people with less-than-perfect credit or other financial challenges.
The low down payment comes with some strings attached, of course, mostly in the form of an upfront mortgage insurance premium as well as an annual mortgage insurance premium charged monthly. (Full details about FHA Loans can be found on the HUD website, here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/fharesourcectr.)
In addition to this catch, FHA Loans are only available for FHA-approved condos. The FHA wants to help buyers invest in assets which are worthy of investment in the first place. FHA requirements for condos are fairly stringent, and by some estimates upwards of 50% of condo associations fail to meet FHA guidelines.
Knowing this up front can save you a lot of time and hassle condo shopping. While you should consult with condo associations to determine whether or not they're approved for FHA loans, you can also use an online resource to help you with your search. Here is a link to an online database of FHA-approved condos:
U.S. Department of Housing and Urban Development (HUD) FHA Condo Search:
Hopefully this will help you in your pursuit to find an FHA-approved condo!
I'd love to help you locate the perfect FHA-approved condo. Get in touch with me today to start your search!
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.
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Have an FHA loan? Shopping for a condo? You may not be able to buy the condo of your choice, and here's why: