Home Buying in New York>Question Details

Robert Enos, Home Buyer in New York, NY

I want to get an FHA mortgage to buy a condo for under $400K, but there don't seem to be too many around. is an FHA loan really feasible?

Asked by Robert Enos, New York, NY Mon Jun 11, 2012

Help the community by answering this question:


If you want a list of FHA approved condos let me know.
0 votes Thank Flag Link Thu Jun 14, 2012
If you don't need to live in NYC, the suburbs are a good alternative with many more properties to choose from. Rockland, Westchester, Nassau, Suffolk and western NJ are good alternatives. More FHA approved units are available.
0 votes Thank Flag Link Tue Jun 12, 2012

There a few buildings in Queens and Brooklyn that are FHA approved already and if they're not already approved, there are a few Loan officers willing to get the building approved, but you will definitely pay a bit of a premium. shoot me an e-mail and my team and I can guide you through this process and check out my reviews as well.

Marco Gomez
NY State Licensed Associate Broker
Keller Williams Landmark II
Mobile: (917) 734-2012
0 votes Thank Flag Link Tue Jun 12, 2012
Hi,m An FHA loan is feasible, unfortunately the FHA doesn't fund many condos for various reasons. One of them being items in their by-laws that the FHA doesn't agree with such as their eviction plan. Here is a link you can use to see who is on the FHA approved list...https://entp.hud.gov/idapp/html/condlook.cfm?CFID=13461634&a…

0 votes Thank Flag Link Tue Jun 12, 2012
Anne is correct. Condo buildings apply for FHA approval. So, to get an FHA loan, the building needs to be approved by the FHA. There are couple in Brooklyn, and a couple in Queens. There is a big watch out though, agents want a qualified buyer and the more money that you put down the more qualified that you look to the seller. So, critical is having an agent put together a very solid offer package for you to overcome a seller's distaste for FHA (take longer to close and are more complicated). As new development inventory in Queens and Brooklyn is low, and even lower still are the number of FHA approved buildings, you will face competition, and will most likely need to put in higher offers than the competition to not only win the deal, but to overcome the seller's FHA objection. Packaging is critical.

Kelly Killian
Vice President
Licensed Real Estate Agent
Bond New York
0 votes Thank Flag Link Mon Jun 11, 2012
I can definitely help and point you in the right direction.
Send me an email about what you are looking for and where when you have a chance.
0 votes Thank Flag Link Mon Jun 11, 2012
Hey Mike, I'm looking in Queens and Brooklyn.
0 votes Thank Flag Link Mon Jun 11, 2012
Several condo buildings in the last couple of years have applied for FHA-approved designation. In order to buy a condo with an FHA loan, the developer needs to have gone through the process of applying for and getting the FHA approval. Many did it when the market was slower. It is not a unit by unit thing, either the whole building has it or they don't.

Jenet Levy
Halstead Property, LLC
212 381-4268
http://jenetlevy.halstead.com for all NYC listings
0 votes Thank Flag Link Mon Jun 11, 2012
Please call me. My name is David and I can be reached at 212-714-1027. I would be happy to assist you. Thank you and good luck.
0 votes Thank Flag Link Mon Jun 11, 2012
Yes. Where are you looking in?
Let me know when you have a chance.
I might be able to assist.
0 votes Thank Flag Link Mon Jun 11, 2012
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