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