September 21, 2011
FHA condo loans differ greatly in some respects from typical, single-dwelling properties that make up a large portion of the FHA insured mortgage loans. Condos are unique properties–the multiple individual owners residing in a shared building have different agreements, covenants and requirements for condo living than their suburban home-dwelling counterparts.
But in some cases, rules for FHA condo loans resemble suburban home loans a great deal. For example, FHA loans allow a borrower to purchase a mixed-use property under a set of conditions which include the requirement that no more than 25% of the total floor space be used for non-residential or commercial purposes.
When it comes to these mixed-use mortgages insured by the FHA,
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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