Wednesday, July 30, 2008

FHA and Condo Loan Options

FHA was once considered a four letter word. Builders could care less about qualifying and lenders were hard pressed to justify the amount of time and work required to close on an FHA loan.

Are you wondering what is happening with the local, regional and national real estate market. Well me too. I am working twice as hard these days to hep assist my clients with securing their mortgages since that seems to be the biggest obstacle to the bulletproof transaction I like to create around each of my client purchase contracts.

So, lately many of my first time buyer's are inquiring about whether this property is FHA qualified or what the requirements are for an FHA loan. Usually the two main barriers to securing an FHA loan on a property are that the builder is still in control (not an established association yet) OR the bylaws of an existing association have a right of first refusal which is an immediate NO to qualifying.

So, now many of my clients are asking me "is this one qualified"...

So now I am referring them (or checking myself) at this Federal Housing Authority (FHA) site:

I hope this helps and remember, there are options available to buyers with less than 5% down to make a purchase. Of course, usually the more money you put down the better your rates and loan terms (for the most part) will be.

Good luck!