FHA Approved DC Condos
Posted by Mark Washburn on Tuesday, June 22nd, 2010 at 12:53pm.If you are in the market for a condo in DC, one of the things you should consider is whether or not a particular project is "FHA approved." FHA approved means that the Federal Housing Administration will insure the loan, mitigating risks and ultimately reducing costs for the lender.
Buyers benefit from utilizing an FHA loan in a number of ways. Most importantly, current down payment requirements for an FHA loan is only 3.5%, significantly below the 20% to 25% down payment amount required for a conventional condo loan. In the District on a typical $400,000 condo, the FHA down payment is $14,000 vs $80,000 - $100,000 for a conventional mortgage. Buyers utilizing FHA backed loans also benefit from lower interest rates, easier qualification process and 95% cash out value on a sale or refinance.
To assist buyers in determining which condo developments are approved, the FHA offers a website listing approved projects: FHA Approved Condo Projects. I find the most effective way to search the database is by state then zip code. You can utilize our site DC Condo Boutique to obtain the zip code for hundreds of DC condo buildings and view active listings by development.
Here is a video which provides further detail on searching the FHA approved database:
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