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January 13, 2010

Mission’s Union Gets FHA Approval


One of the latest condo developments to get FHA loan approval is Union, the 76-unit complex at Bryant between 19th & 20th in the Mission. The project has been on the market since last year, and is more than 50% sold, according to the sales team, and it’s now possible to buy a condo in Union with as little as 3.5% down.

Union is split into two parts: the townhomes, and the recently released brick-and-timber lofts. Price ranges for remaining townhomes are $675,000-$799,000 for two bedrooms, and $820,000-$895,000 for three bedrooms.

One-bedroom lofts range from $575,000-735,000; two bedrooms are $660,000-$755,000 and three bedrooms are listed between $795,000-$859,000. The loft units tend to be smaller than the townhomes.

Before you run out to get preapproved for an FHA loan, make sure you run the numbers and find out how much your monthly payments will be. As I’ve noted in this blog before, FHA loans let buyers purchase homes who don’t have the required 20% down payment. But be mindful of how much cash you’ll have to come up with on large loan amounts.

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