This short guide will give you a clear road map to avoid issues when using FHA financing for condos. Many of these rules also apply when putting less than 25 percent down on a condo using conventional financing for a primary residence or a 30 percent down payment on a second home.
Every issue that is covered can be overcome and taken care of from the inception of the transaction. If the due diligence is handled upfront, there will be no surprises for you or your clients. It’s important to make sure the building is:
- Approved for FHA financing if your buyer only qualifies for an FHA loan
- Meets all of the conditions in this guide if a condo questionnaire will be required from the lender
In this guide, we’ll cover each potential deal killer so you don’t waste time showing condos to a buyer who could never afford it.
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Adam Stephens is a branch partner at The Stephens Brotsky Group at Primary Residential Mortgage Inc. Connect with him on LinkedIn or Facebook.
