Articles Published in: January 2011

January 3, 2011

What Is Different About an FHA Condo Loan?

Those who buy suburban homes with an FHA mortgage have a set of requirements and responsibilities; some neighborhoods have homeowner's associations with bylaws and clauses that must be agreed upon. Others don't, but find they have their own community standards and informal covenants to live up to. When it comes to FHA condo loans, the buyer shouldn't expect to have the same experience as when purchasing a suburban home. Condo purchases carry unique responsibilities the buyer should consider before agreeing to purchase.

January 3, 2011

FHA Loans for Condominiums

By Joe Wallace

FHA home loans aren't just for traditional suburban homes; there are a wide range of choices for buyers interested in something outside a typical neighborhood. One of those options is an FHA condominium loan. The FHA guarantees home loans for proposed and under construction condo projects as well as existing condo units. The FHA can also approve mortgages for conversion projects where a property is renovated and converted into a condominium. FHA loan applicants seeking a condo loan have a few restrictions those searching for more traditional homes don't have to worry about.