Every condominium building is qualified for an FHA home loan. The property must be within an FHA approved condominium project unless it is in the process of being approved or recertified for an FHA loan.
If you’re looking to purchase a condo in downtown Seattle you might be considering an FHA loan. FHA has specific approval guidelines for condominiums. Requirements are as such:
Condominium associations must reapply for an FHA approval every two years. It needs to either be recertified or they need to reapply to make sure that the property is still in compliance with HUD requirements.
You can check with the US Department of Housing Urban Development on a specific condominium because they do change from time to time. There are over 100 condominium buildings in Seattle alone that allow for FHA loans.
Choosing an FHA loan for your condominium purchase as many benefits including low down payments of just 3.5%. There’s also lower credit score requirements and different options for different credit score requirements. Cash reserves are typically not required, gift funds are acceptable for down payments, there is no prepayment penalty, and they may allow for seller concessions and contributions up to 3% of the sale price.
An FHA loan is a great way to go when considering a condominium as long as the building qualifies. Try not to be hung up on this approval as many buildings are approved for FHA. Once you are already approved for an FHA loan on a building and move in, you won’t have to worry if later on the building becomes unapproved.
This is a partial list of FHA condos for sale located in Seattle. The listings are only as accurate as the agent that has inputted the listing. In order for it to show on the list, the agent would have had to check the FHA approve button. Feel free to contact us to double check or you can look up FHA approved buildings by click on the FHA look up link on the sidebar located on the right side of the page.
Relax in your own in-city studio with its very large & private East facing deck. Many updates include newer carpet and paint, washer & dryer, stainless appliances, LED l...
Listing courtesy of Windermere Real Estate Co..
Charming 1BR/1BA waterfront condo: NEW interior paint, NEW carpet throughout! Fantastic views of Lake Washington! Welcoming Living Room connects to Dining Area with slidi...
Listing courtesy of Prolink Realty, LLC.
Welcome to this 1 bed/1 bath condo located on the quiet side of Sandpiper Condo. Desirable location offers private entrance to Burke-Gilman Trail, Minutes to Magnuson Par...
Listing courtesy of Keller Williams Realty Bothell.
This West Seattle condo offers an open living and dinning space, generous walk-in closet and plenty of natural light. Alki Beach Trail across the street allows for quick ...
Listing courtesy of Windermere Real Estate/East.
Come see this perfect urban retreat in the heart of fabulous Capitol Hill - across from Starbucks, bus lines, cafes, bars, parks, & more. You’ll love the quiet ambiance a...
Listing courtesy of John L. Scott, Inc..
Great studio in a perfect location in Belltown! Within walking distance to the Space Needle, restaurants, Pike Place Market and public transportation.Amenities include se...
Listing courtesy of Homes & Equity Real Estate Grp.
This beautifully restored 1926 building is the ultimate combination between Urban living with Historic Charm. Original hardwood are a highlight of this sun-filled studio ...
Listing courtesy of COMPASS.
New home for the new year!! Move in ready, adorable 1 bedroom, 1 bath located in the heart of Seattle. Awesome location within blocks to public transportation, groceries,...
Listing courtesy of CENTURY 21 Real Estate Center.
NO Rental Cap! 1st Buyers financing failed. Parking available & Back on the Market. The ultimate in city location at Nine Cherry Square! Short walk to Downtown, Capitol H...
Listing courtesy of John L. Scott, Inc..
Rare opportunity to affordably own in Seattle! This 2bd/1ba, low HOA dues is centrally located with close proximity to bus lines and the light rail! Easy access to Downto...
Listing courtesy of Coldwell Banker Bain.