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.
Rare opportunity to purchase in the highly desirable Glen Acres 55+ community! Updated 2 bed 1 bath top floor home with meticulously maintained grounds & buildings locate...
Listing courtesy of VW Home Group.
GREAT 1st floor 1-Bedroom/1-Bath condo. off of Lake City Way. In-unit washer and dryer; all appliances; fireplace; new carpet in bedroom; new flooring in kitchen and bat...
Listing courtesy of Edmonds Realty.
Turn key condo in highly coveted Greenwood neighborhood. Kitchen features new faucet, updated appliances and breakfast bar which opens up to a light filled living room w/...
Listing courtesy of The Cascade Team.
NEXT STOP: Homeownership! Encore at Columbia Station is a first-of-its-kind offering in Columbia City @ the LINK light rail station (15 min to dtwn Seattle). Built by BDR...
Listing courtesy of Realogics Sotheby's Int'l Rlty.
NEW PRICE! Super cute and updated 1 bedroom/1bath centrally located Phinney Ridge Condo. New countertops, brand new stainless steel appliances and new modern light fixtu...
Listing courtesy of Sound Point Real Estate LLC.
Convenience abounds! Gated, covered parking with 2 reserved spaces near rear entrance right below unit that leads to huge storage room and elevator. Corner end unit w/ gr...
Listing courtesy of Urban Properties.
Fantastic location for this cozy, light, and bright condo! This 2-bedroom home offers an open living space, kitchen with stainless steel appliances, dining area, and mode...
Listing courtesy of Keller Williams Greater Sea.
This Interbay-area condo is a must-see! Coveted top-floor, corner unit on "quiet side" of building. Enjoy great views on one side & a private, tree-filled view on the oth...
Listing courtesy of Keller Williams Realty PS.
NEXT STOP: Homeownership! Encore at Columbia Station is a first-of-its-kind offering in Columbia City @ the LINK light rail station (15 min to dtwn Seattle). Built by BDR...
Listing courtesy of Realogics Sotheby's Int'l Rlty.
Greenery out every window in this wonderful top floor corner unit. Kitchen open to spacious living and dining rooms with wood-burning fireplace. Master bedroom has walk i...
Listing courtesy of RE/MAX Northwest Realtors.