FHA Approved Condos

Many potential buyers don’t realize that most condos are NOT
FHA approved. FHA prefers to insure loans on single-family homes,
two-to-four unit properties, and some mixed-use properties.
So in order to buy most condos, you will have to use conventional
financing. Conventional financing requires a 20% down payment.
FHA only requires 3 1/2 % down. So that is a HUGE difference.
Many buyers simply don’t have that much cash available to use
as a down payment.

However, you can often find a handful of condos on the market
that are actually in FHA approved buildings.

If you are looking for a FHA approved condo, please send me a note
to mark@markkillion.com

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

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