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March 15, 2009
How does FHA work in Brooklyn?
We have just entered the market to buy a house/condo in the 500k range through FHA, but can't find any listings in neighborhoods we like (Prospect Heights, Windsor Terrace, Crown Heights etc). Any condo we like, the developers are not going to apply for FHA approval?
Any tips???
Thanks
Comments
From what I understand, FHA is just a matter of you applying through the mortgage lender. You can do any house and apply for a FHA loan if it meets their requirements. Keep in mind that you will pay PMI for five years if you do a FHA loan. In short, don't look for "FHA" houses or listings, --find a place you like and then talk to an FHA approved lender.
More: http://www.hud.gov/offices/hsg/sfh/insured.cfm
Posted by: hoffster at March 15, 2009 1:38 PM
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