FHA loans are really popular right now. The qualifications are very attractive in this changing mortgage lending market. The rates are good and meeting the terms as a buyer are pretty clear cut.
I just received an offer contingent on an FHA loan being approved.
However, is your condo building FHA approved so these elusive buyers use the loan? Can an FHA loan product be used to buy your condo? As a condo association and individual owner, you can find this out.
With a potential listing coming on in my own building this spring, we want to know if the unit will qualify for an FHA loan. I also like to find this out when listing other units... it's a great way to market the property.
Read more about FHA loans here:
I suggest working with your lender to determine if your condo unit is FHA approved. If you need an expert, feel free to visit www.ChicagoLender.com to speak with Brian Cumpton.