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There Are Downtown Austin Condos That Are FHA Approved
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
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
About Jude Galligan:
Jude Galligan, Broker-Owner of RE/MAX Downtown Austin and publisher of Downtown Austin Blog (aka. "DAB"), is a veteran sales professional assisting buyers and sellers of downtown Austin lofts, condos, and real estate. A resident owner in downtown Austin and an active community stakeholder, Jude serves on the Board of Directors of the Downtown Austin Alliance (DAA) and the Downtown Austin Neighborhood Association (DANA).Contact Jude
Does the FHA approve loans for condos where less than 50% of the units are owner-occupied?
No. A minimum 51% owner occupancy is required.
I’m pretty sure the Nokonah is FHA certified as well.
Hi Carter, according to the HUD website, the Nokonah is not listed as FHA approved.
the Statesman just published a good article summarizing the $8,000.
http://www.statesman.com/news/content/business/stories/statesmanhomes/2009/10/11/1011firsttime.html?cxtype=rss&cxsvc=7&cxcat=3
The homebuyer credit has been extended! This is great news for lots of buyers AND sellers.
http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/
Hello I was wondering if I had a bad credit/debit can use the FHA program and lets say that I have lived In ameria for almost 5 years I am a student now there and I have filed bancrusy so I need to buy a condo as soon as I can the problem is that they don`t let me to use the FHA program . I do not know where to go or ask and ask for what how to take a credit from a bank to buy a condo , please I need help , or advice anything
My e-mail is hellriver@abv.bg if you have any ideals please write to me .
Yours sencerely H.Hristov