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No More FHA Loans…Almost
August 4th, 2009 categories: Real Estate Finance
If you’re thinking about buying a home, I’m sure you’ve heard about FHA loans. I won’t go into much detail, but basically what an FHA loan allows a buyer to do, is purchase a home with only 3.5% down. The home has to qualify and fit certain criteria, but it can be a great way to buy something.
The bad news is that it sounds like this loan option is going away. I’ve been told that “spot approvals” will no longer be an option for unapproved condo buildings. In the past, buyers have been able to get a spot approval on condo buidings that were not on the official FHA approved list. Once we get to October, this option will go away and only previously approved FHA buildings will qualify for those loans. So if you’re thinking about buying a home, you might want to get started ASAP!
Call me and we can go over your situation and see what makes the most sense for you.
Denny Oh 858-243-2092 [email protected]
