#FHAtruth – All Single-Family Homes are FHA Eligible
It’s a common misconception that all properties need to be FHA approved. While that may be true with condos, all single-family homes and townhouses are eligible for FHA financing.
As you may know, FHA Loans allow you to purchase a home with as little as 3.5% down and eased credit requirements. Many believe the home they’re hoping to purchase requires approval from the Federal Housing Administration, but that’s simply not the case. As with any home purchase, the property will need an appraisal. As long as the home appraises for the purchase price, and nothing about the property is deemed unsafe or unlivable, an FHA Loan is an excellent way to finance the home.
Condos, on the other hand, do have FHA requirements. If you want to learn more about FHA Loan condo eligibility, contact an FHA expert below or at 708-531-8388.