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Salt Lake City Condos: Which SLC Condos are on the FHA Approved Condo list and why is this so important?

Home / Blog / Salt Lake City Condos: Which SLC Condos are on the FHA Approved Condo list and why is this so important?

Dec 11, 2009 | FHA Loans, Salt Lake City condos, Salt Lake City real estate, Utah Condos

Because of FHA we still have low down payment options, 3.5% down, for the purchase of owner occupied homes and condos in Salt Lake City and across the nation.  There has always been a list of condominium projects that were FHA approved and if the condo you wanted to buy was not in an FHA approved condo project, FHA would allow spot approvals, but that’s about to change. 

 

Spot approval will be eliminated February 1, 2010.  Now the only way to buy a condo with an FHA loan, is if it’s on the FHA approved condo list.

 

 

Low down payment owner occupied Conventional Loans require at least 10% down and good credit.  With FHA, you can buy that condo with 3.5% down if it’s on the approved list and meets the other FHA requirements.

 

  

So is the condo you want to buy on the FHA approved condo list?  Here’s a link to the list:

 

https://entp.hud.gov/idapp/html/condlook.cfm

 

The Salt Lake City real estate market is constantly changing.  Having an experienced Salt Lake City Realtor to be your guide can make your home search a lot more enjoyable.  If you need help with the purchase of a home, condo or duplex, contact me.  I’ve been a Salt Lake City Realtor since 1999 and over the last year, 80% of my clients have been buyers.
Helping Salt Lake home buyers is my thing, so send me an email or give me a ring!

Kevin

Kevin Coyle
Associate Broker, GRI, MBA
Kevin@SLCHomeBuyer.com
801-243-0699 (Mobile)
Stonebrook Real Estate

 

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