Hello to all my blog readers out there.
I will use this new post to inform you of condos
that are FOR SALE AND FHA APPROVED!
As you might know, most condo buildings and associations
are NOT approved for FHA financing. So, it can be challenging
to find condos in Chicago that will qualify for FHA
financing.
Of course, you can visit the HUD website to find out which
buildings are approved for FHA. But, the website does not
tell you which condos are currently on the market For Sale.
The biggest advantage of using FHA financing is that you only have
to put down 3 1/2 % of the purchase price for a down payment.
Most conventional programs require at least 10% down.
That is a big difference!
Also, it is usually easier to qualify for a FHA loan because
it has a lower credit score requirement than a conventional loan.
Most banks only require 620 to 640 credit scores for a FHA loan.
But, conventional loans usually require 680 or better.
And last, but not least, conventional loans have stricter rules
regarding debt ratios. So if you are like most Americans and
you have a car note, student loan, and credit card debt, you
will probably qualify for a larger loan if you go with FHA.
Shopping for a condo can be tricky. I have a lot of experience with
real estate sales. I would be happy to represent you as a buyer’s agent.
The cost to you is absolutely nothing!
So, if you are looking for a FHA Approved Condo, please Send me a note!
with your name and price range.
Until the next time,
Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
