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January 30, 2009

FHA Loans Cover Condos

Though Federal Housing Administration (FHA) loans cover single-family homes and multi-unit buildings, these loans include condos, too. The loan amount maximum is $625,500, and you can obtain a loan with as little as three percent down.

However, the condo must be located in an FHA-approved building. So what buildings are approved? Here’s a partial list:

Arterra (300 Berry, Mission Bay)
Baycrest (201 Harrison, South Beach)
Candlestick Point, The Cove (301 Crescent, South SF)
Diamond Heights Village (115 Red Rock Way, Diamond Heights)
Dolores Plaza (15th Street, Mission Dolores)
Goldmine Hill (Ora Way, Diamond Heights)
McAllister Mews (Western Addition)
Parkview Commons (Carl and Arguello, Cole Valley)
Symphony Towers (750 Van Ness, Van Ness Corridor)

Keep in mind that, according to my loan guru, Sue Ballinger at Guarantee Mortgage, the loan limits are set for the year, but will change on December 31st. However, many lenders begin the loan limit change in November if the maximum is lowered.

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