Tagged : fha approval

Found 12 blog entries tagged as "fha approval".

3.5% Down Opportunities in Logan Circle


DC condo buyers can qualify for 3.5% down mortgages at FHA approved buildings.  This represents a major savings over the 20% of more down payments required for condos with conventional financing.

The FHA maintains a website with a list of FHA approved projects.  We have extrapolated that list for the Logan Circle neighborhood and offer 1-click access to all the available MLS listings in FHA approved buildings.  If Logan Circle isn't your neighborhood of choice, check back as we will be highlighting FHA approved buildings in other neighborhoods over the next several days.

The FHA approval list changes routinely, these are selected Logan Circle developments that are currently approved at the time of this posting:

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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…
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