I 've got some very important news for you.
FHA does offer 3.5% down payment, however the condo project needs to be FHA approved.
Pull up this website, https://entp.hud.gov/idapp/html/condo1.cfm
Switch approval method to Pre HRAP/DELRAP.
Put the housing tract number in as the condo ID and search. If the condo project pops up, it is approved.
If it is, then FHA is okay. If not, the FHA does have a "spot approval" process, meaning if the project is not approved, you could have just this one unit approved....IF the HOA meets FHA guidelines, but this expires on Jan 31st, after which time ONLY project approvals will be made.
Also, Treasury Dept. Stimulus funds being used to by Mortgage Backed Securities (MBS) will be exhausted in March, most lenders anticipate a big jump in interest rates, as much as a full point.
Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville
If you would like to start looking at condos, please give me a call and I can help you get started.
Licensed Real Estate Salesperson
Margot Bennett, Inc.
Please call me at your earliest convenience so I can discuss your concerns with you.
917 597 5690
Your ability to qualify will take into account not only the ratio represented by principle,interest,taxes, insurance and HOA but also those costs plus the monthly servicing of existing debt,of which the total may not exceed 45 percent.
In addition the condo itself is subject to approval for both types of loans. Contact me and I will walk you through the process