Talking to you for some more about condominiums.
This time I want to talk about..
Buying a Condo with FHA financing
There is an expression in the mortgage industry,
that “Condos and FHA mix like water and oil”.
Well those don’t mix, so here’s the deal right
In order for a Condo to be
financed with an FHA loan,
the Condo must have FHA approval
Look it varies, but as a rule of thumb there aren’t many
Over the years of lending here in Lee County,
in the decades, I’ve seen the number of FHA
approved have to be as low as 3.
I’ve seen it to be as high as 15 to 20 but,
either way, those are pretty small numbers.
So, here is what you got to do.
If you want to go down that route,
you have to start off by doing
google search “FHA approved Condos”
Generally speaking, when you search that term,
the first thing that pops up is an ENTP site
It’s a search criteria site,
you can go in there and look…
or call me, I’ll do it for you it takes a second
But make sure you are looking at Condos
that are FHA approved,
before you get excited about them.
The other thing to notice
with FHA approvals on Condos
is what the expiration date is.
Because if something is approved today
it could not be approved 3 days ago
if the approval expires
because we have to renew ever so often
So that’s the deal with
Condominium financing and FHA
Now, if I have people that are just
going to buy a condominium
and it is not FHA approved
I just put them into a 3% down
conventional program,
and I did a separate video on that
you can watch that
That is the scoop then
FHA and Condos…difficult…
has to be FHA approved
Im Scott DiGregorio, Your Mortgage Guy
I’ll see you on the next video
Thank you so much for watching, take care.
