Is Your Condo Building FHA Approved?

Do you live in a condominium building? If so, is it FHA approved? If not, it should be!

Why does FHA approval matter?

- Spot approvals are gone as of 2/1/10 - in other words if the entire building is not approved no buyer can get an FHA loan in that building
- Any buyer with less than 10% down will not be able to buy in your building because conventional loans require 10% or more down
- If your building was approved prior to April 2008 it comes off the approval list in April 2010
- In '09 20% of all condo loans in Seattle were FHA, by comparison this number was only .5% in '07
- Being FHA approved also streamlines conventional loans allowing for smoother and quicker closings within your building

Bottom Line? If your condo building is not FHA approved, at least 20% of the buyer pool cannot buy in your building, this can result in longer market times causing lower sales prices.

If you are interested in helping your building become approved email or call us so we can get you set up to get the process started.