Home Buying in Brooklyn>Question Details

EmilyD, Home Buyer in Brooklyn, NY

Can you do FHA with condo?

Asked by EmilyD, Brooklyn, NY Sat Feb 1, 2014

Can you do FHA with condo?

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Yes, FHA finances 1-4 family homes and condos. However, the condo would need to be an approved condo with FHA. There really are not too many out there, but you can look and see whats out there. I provided a link to HUD's website where you can search for approved condos in a specific area.

If my response was helpful, consider clicking BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
2 votes Thank Flag Link Sat Feb 1, 2014
If the building is FHA approved. Otherwise you might need a non warrantable condo loan. I also offer non warrantable condo loans. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.



Bart Gabe - Lending Nationwide Since 1987

http://www.bartprequalifies.com

bart@bartprequalifies.com

800 315 8803

NMLS 20743
0 votes Thank Flag Link Tue Feb 4, 2014
Yes, FHA finances 1-4 family homes and condos. However, the condo would need to be an approved condo with FHA.
0 votes Thank Flag Link Tue Feb 4, 2014
Hi Emily, due to recent changes with FHA mortgage insurance rates and terms, FHA may not be the most attractive option for affordable financing, even for first time buyers. Did you know that you may qualify for a conventional loan with as little as 5% down? Conventional loans have much less expensive mortgage insurance rates and shorter terms than FHA. And unlike FHA, they cover approved condos and coops.

Best move: speak to an experienced and reputable mortgage banker about all your options. Many of my clients who thought FHA was their only option are now happily saving 1000s of dollars annually with an affordable Conventional loan-with only 5% down.

I can be contacted directly at 917.699.0183 or at michaeldenniston247@gmail.com for questions or assistance.

Please hit best answer if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS#24076
The Federal Savings Bank
Nationwide Direct Lender
0 votes Thank Flag Link Tue Feb 4, 2014
No problem at all. Good luck.
0 votes Thank Flag Link Sat Feb 1, 2014
Thank you for your response.
0 votes Thank Flag Link Sat Feb 1, 2014
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