Many condo listings disclose that they will only accept cash or Conventional financing. Often the only reason FHA is omitted is because the listing agent is not aware of the little known fact that we can finance the purchase with an FHA loan even if the condo project is not approved.
Good News! The condo project does NOT have to be pre-approved by FHA. We can qualify individual units for FHA financing using the same full review process we use on 3% down Conventional financing.
It is very likely that any condo unit that qualifies for Conventional financing can also be funded by FHA.
This is VERY handy for buyers with lower credit scores and higher debt ratios that Conventional financing will not allow. That makes this an invaluable option for first time home buyers that need to find a home in lower price ranges.
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