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Condo Not FHA Approved? 5% Down Condo Loans

We had a highly qualified FHA buyer yesterday ask if a particular Condo Complex was FHA Approved. It was not FHA approved, but it makes little difference because the buyer can easily put down 5% (only 1.5% more than FHA requires) and garner conventional financing.

As long as the resulting loan amount is under $417,000, Conventional CONDO financing with only 5% down is readily available at many of our lenders. The PMI is much lower than FHA’s MI too.

If a Condo loan is above $417,000 and the Condo is not FHA approved, a minimum of 10% down is required.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167