Is an FHA or VA Loan in Your Future?

If an FHA or VA loan is in your future to purchase a condo, be sure to check into the specifics for the area you are interested in. The majority of condos must be purchased with conventional financing (20% down payment) or all cash.

To qualify for FHA and VA loan programs, condos must meet certain criteria, and be approved by the U.S. Department of Housing and Urban Development for FHA, or the U.S. Department of Veterans Affairs for the VA. Not very long ago, there were ’spot approval’ processes where an individual unit could be approved on a case-by-case basis, but at this time those options are no longer available.

What is the best way to find out if a condo is VA or FHA approved? Following are two online tools that buyers or sellers can use to find approved condo communities. The tool to look up approved condo communities for FHA loans can be found at FHA Loan information and for the VA VA Loan information . Both are very useful resources to use while searching or your perfect condo.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

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Explore posts in the same categories: Financing/ Interest Rates, Hoboken Homes, Live in Hoboken

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