How to find FHA Approved Condos?
Let’s skip this question for a little while and consider the following one instead…
- Can you get an FHA Approved Condo?
Well, as a matter of fact, you can and it doesn’t matter which state or county you live, there’s always something surprising by HUD and this time, it is an FHA-approved property!
FHA Approved Condos
However, before a house is handed over to you, a complete, systematic approach has to be followed by each borrower and FHA loan lender to meet all HUD’s guidelines regarding the condominium loan. One of the best ways to get the apartment house or block through an FHA appraiser because that’s how it can be done professionally as appraisers are very well aware of the current guidelines governed by the HUD, so there is unlikely to be any problem you will run into.
A successful FHA approval will ensure your safety, keeping you informed whether or not the property that you want to get is meeting the standards of the HUD because you may not have detailed knowledge of what the current guidelines are. If you find getting a property or your dream house through an FHA appraiser a little bit time consuming, perhaps, you might want to try getting FHA Approved condos.
What are FHA Approved Condos?
An FHA-Approved condo is predominantly a residential condo that has already been approved to be bought via an FHA loan. Now, this process eliminates the time-consuming process for you because you don’t have to invite an appraiser to do the work for you – see if a condo meets the specific guides for a HUD FHA loan.
If you are a buyer, odds are you could easily find an FHA Approved Condo (condominium) all the way through the official website of HUD (using this tool). The total no. of condos that you are eligible for differ from state to state, for example, if you’re searching for the available FHA-permitted condos in Alabama, it would be 19, while if you look them up in Alaska, the number may surprise you i.e. 282.
How to Find FHA Approved Condos?
As we’ve already talked about it that rules and regulations along with the total number of available condos will differ from state to state. Hence, if you search for FHA Approved Condos in California, you may find out that the number is way higher than the total number of available condos in Florida, Arkansas, Alabama, or Delaware. But there is no need to worry as our team has made a complete list of the states and counties where you can get an FHA-approved house without any problem. In addition to that, we will also let you know where you can make use of the official “look-up tool” to customize the search in accordance with your needs and interests.
|States||Total No. of Condos|
|District of Columbia||108|
Will the Condos Increase or Decrease?
As a matter of fact, they do increase and decrease as the time goes by, however, this is no certainty as it depends on the area (county or state) and the company that is lending the loan. Therefore, in the future (in upcoming years), you may either see the number getting up or down. What is even more, sometimes the total number of condominium stays the same due to no increase or decrease.
How to find the FHA Approved Condos?
Getting to know the availability of FHA-approved condo isn’t that hard as you may think it is. What you need to do is just follow a couple of steps and there you have it. To get the complete list of the condos available in your state, you can use the official tool available by HUD (on its website). Having been there, you have to select you’re your state, enter the county, condo ID., Condo Name, City, ZIP Code, Status, and other significant information. After submitting the details, the tool will take some time to match your entered details with the one stored in the database and return the matched results for your convenience.
If you’ve never heard of FHA before, it is the time you should know it if you are planning on getting an FHA loan. You must understand what will be minimum and maximum down payment while you applying for an FHA loan to get your dream house or condos. Likewise, meeting DTI ratio guidelines are also needed because you don’t comply with the rules, it will go against the grain and that might create problems and will lead to the disqualification from the loan.
Can I get to know FHA Condos by City?
As you could clearly see that we’ve listed the available condos state-wise above, just like that, you can also browse the list of condos available in your city (if you would like to do so). It will be useful in narrowing down the condos as per your location. Undoubtedly, this tool (from HUD) will help you seek the list of all available condos in your locality which will be an advantage to your search.
Even that time, you may need to enter your ‘City Name’, ‘ZIP Code’ along with other details because it is still necessary for the HUD to know where exactly to want to know the availability of condos. FHA is a great option if you are looking forward to getting loan approval because it is forgiving and the down payment is also satisfactory. If your credit score is 580 or more, then the down payment will be 3.5%, but if it is below that i.e. 579 or below, it will be straight 10%.
We’ve tried out best to keep the information as up-to-date as possible, however, we cannot guarantee the accuracy or correctness of it and won’t be held accountable for the same. Therefore, while browsing our website for an easy-to-understand guide, we also request you to log on to the official website of HUD i.e. www.hud.gov. If you still have anything to ask regarding FHA Approved Condos, feel free to reach to our team and we will be glad to help you.