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:
Filed under : Real Estate Blog