Kamberos Associates Lincoln Park Real Estate & The Best Chicago Realtors

How FHA Approval can help Condo Associations

May 27th, 2011 at 2:51 pm | Type:

Author: admin | No Comments

Here is a great article explaining the plusses of a condo association being FHA approved. In a nutshell, FHA stands for Federal Housing Administration, which is a government run program  that backs mortgages in case of default. It allows buyers to purchase property with just 3.5% down and is geared towards assisting first time buyers who don’t have a lot of cash on hand.

There are a few more higher standards the FHA forces condo owners to pass that are safety measures to ensure that the gov’t is making a good investment. Overall, getting your condo/home FHA approved will drastically increase the amount of buyers able to secure a loan on your property. According to the Chicago Assocation of Realtors, 40% of condos bought in the last 6 months have been via FHA loans, the most ever. 

This article is very helpful in understanding how FHA approval and  loans can assist you as a condo owner:

http://www.chicagotribune.com/classified/realestate/apartments/ct-home-0527-condo-living-20110527,0,6040483.story

Filed under : Real Estate Blog

Leave a Reply

Mandatory fields are marked with *. The comments are moderated and rel="nofollow" is in use. Please no link dropping, no keywords or domains as names; do not spam, and please do not advertise.

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

  • Filter Listing

    Kamberos Associates specializes in finding the perfect property to own or rent.

    Our staff is available at anytime to assist you.

    start searching