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We've got a guest blogger today: Vince Tricarico with First Savings. If you have questions you can reach Vince in his office at 703-827-4634 or on his cell at 703-283-7484.
R E M E M B E R
Not all Condominiums are FHA Approved or Approvable!
Many of you might have Condominium listings which fit into the FHA mold (great for 1st time buyers / priced under 440K)
Many of you might have Condominium Buyers who need the FHA program - (down payments < 5% or 10%, marginal credit)
It is very important that you find out if the condominium is FHA approved. Please follow the link attached. You might want to save it on your internet browser. Getting a "Spot" approval is not easy! For a SPOT approvals, in addition to a list of requirements, lenders need to verify the Total number of FHA loans in the project - which is very difficult to determine.
IMPORTANT: YOU MUST ALSO VERIFY THAT THE CONDO IS AT LEAST 51% OWNER OCCUPIED for FHA financing - even if it is on the list - the 51% is still a requirement.
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