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There Are Downtown Austin Condos That Are FHA Approved

by | September 24, 2009 |7 Comments

To qualify for an FHA loan in Travis County the purchase price of the residence must be under $288,750.  It’s a buyer’s market all over town.  If you are a first time home buyer, the government will give you $8,000 to play with towards your down payment.  And, for FHA loans, you only need 3.5% down payment.  And And, interest rates are at historic lows.   !!!

Consider downtown Austin condos like the Avenue Lofts or the Railyards, two of the four downtown buildings that are FHA approved condos.  $8,000 could be your entire down payment plus closing costs on an FHA loan for some these units, making it entirely possible to purchase a downtown Austin condo with no money down.

FHA approved downtown Austin condos:
-360 Condos
-Avenue Lofts
-Railyard Condos
-Spring Condos

FHA approval has ZERO to do with the quality or desirability of a building.  In fact, it is smart Home Owner’s Associations and developers that open up their projects to as many financing options as possible – even Spring has a few units that can be purchased with the FHA loan program and $8,000 first time home buyer credit.

Examples:

1) 360 condos unit 1012. This property is under $300 per foot at $261,000. Using the $8,000 you nearly have your down payment covered before we’ve made an offer.

view from 360 Condos unit 1012

view from 360 Condos unit 1012

2) Railyard condos unit 301.  This is a 3bd/2ba in the heart of downtown Austin, and after some negotiating would qualify for FHA financing.

3) Avenue Lofts unit 2.  A genuine adaptive re-use loft.  Raw and full of character.  This is a short sale opportunity in an FHA approved building.

Keeping you in the know about the best real estate opportunities in downtown Austin…

My contact info is always at the top right of the page.  Don’t hesitate to send me an email or give me a call if you would like to know more downtown Austin FHA condos.

-Jude

Filed Under: downtown austin, Downtown Austin lofts, condos, apartments
About Jude Galligan

Jude Galligan, Broker-Owner of RE/MAX Downtown Austin and publisher of Downtown Austin Blog (aka. "DAB"), spends his time matching remarkable people with remarkable properties in Austin’s urban core. A resident owner in downtown Austin, Jude serves on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.