Sunday, January 11, 2009
Condo Associations Should Do Homework for FHA Loans
FHA mortgage financing has become a popular first time buyer option (although, you don't have to be a first time home buyer to qualify). The loan allows buyers to put down 3.5% and receive favorable mortgage interest rates.
You can read more about FHA Loans here.
Not all condo associations will be approved for FHA financing. Do you know if a buyer may use the loan to purchase your condo? You should. If your condo building would not conform to the standards of an FHA, there may be things your association could do to change that.
For instance, Mark Pearlstein addresses a common snag that may hang up a sale in today's Chicago Tribune real estate section (it's still the real estate section to me despite all the cutesy names they come up with each month).