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May 2017

Found 1 blog entry for May 2017.

San Diego FHA approved condos and townhomes

Which San Diego Condos and Townhomes are approved by HUD in 2017

Buyers come to us confidently pre-approved for an FHA loan, but we find their lender sometimes fail to explain what an FHA approved condo is.  An FHA loan pre-approval doesn't mean you can purchase any condo or townhome listed for sale. 

 

What is an FHA loan?

An FHA loan is a loan funded by a private investor that is insured by the Federal Housing Administration in the event of a default. Investors are more flexible with their underwriting guidelines due to the FHA MIP (mortgage insurance premium).  The nuances that make FHA loans attractive to first time home buyers are:

  • Credit score and lighter credit depth
  • Higher debt to income ratios
  • More flexibility
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