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.
https://www.jvmlending.com/wp-content/uploads/JVMLending.firstname.lastname@example.org://www.jvmlending.com/wp-content/uploads/JVMLending.email@example.com 11:03:032020-04-18 00:25:12Condo Not FHA Approved? 5% Down Condo Loans