If you’re among those looking forward to buying a condo using an FHA loan, there’s one crucial aspect you should be aware of: the location must meet a few requirements and be included on the FHA Condominium Approval List. Basically, condo associations must apply to have their project added on the list, first thing first.
What’s an FHA approved condo?
Such locations are basically residential condominiums that meet all the property eligibility requirements and are, of course, available for purchasing the above-mentioned loan. The Federal Housing Administration insures one unit condos in which you can get either a 15 year or a 30 years fixed-rate mortgage.
Generally speaking, any condo can be bought using many different types of home loans, even conventional loans. However, if you want to get one through an FHA loan, the property must be approved by the Administration.
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