Since 1934, the Federal Housing Administration (FHA) has been helping US citizens with the American dream of purchasing and then owning their own home. Whether someone’s tastes lean towards a ranch, craftsman, modern, Victorian, townhouse or condo, the FHA has been helping to provide affordable loans to American consumers. One of which is the FHA Condominium Loans which helps those leaning towards apartment or condo living obtain their dreams.
FHA Condominium Loans are provided by the US Department of Housing and Urban Development (HUD) who has the power to insure any mortgage for these types of properties. If you’re interested in purchasing a condo with a FHA Condominium Loan your property will be protected against losses on mortgage loans. You can also use the FHA Condominium Loans to refinance individual units in eligible condominium projects. To qualify for a loan for that use there are certain guidelines that must be adhered too (information on guidelines and requirements for condo loans).
FHA Condominium Loans have been designed specifically for people wanting to buy a home in a condo building. Usually there is a monthly fee towards the Home Owners Association (HOA) to help offset the costs of maintaining the property.
Condos are great for many individuals and families.
If you’re thinking about buying a house or condo – see what other mortgage options are available to you on Go Banking Rates.