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I'm trying to find the answer to the following question.-of all the FHA loans given in 2014, what percentage was for condo's as

by kendemme613 from Atlanta, Georgia. May 15th 2015 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

In 2007, the condo market peaked at about 16% of all loan origination, but this is any condo with a mortgage... FHA,VA, Conventional, Portfolio.... , but after the collapse, it's dropped significantly.. Below 5%.. and because of how much they dropped in value, cash investors came in and bought a lot of them up.. which makes financing a condo even harder, since there are rules in place as to what percentage of the complex is owner occupied vs. investor.. As a real estate investor, it's very attractive.. Here in AZ, condo's were selling for $8000 to $15,000.. But you could rent them for $600 to $800 per month.. but for an owner occupant, it's a terrible investment.. When the market goes down, condo's are one of the first property types to decline in value, and conversely as the market improves, one of the last to see appreciation. Lenders know this, and they price condo financing accordingly.. to obtain condo financing, lenders are required to have the complex fill out a "condo questioner".. depending on the responses to this document will determine if financing can be obtained.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 15th 2015
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Victor Emmel (victoremmel)
#92 ranked lender in Utah - 20 contributions

If you are interested in a buying a condo using FHA financing, you first want to see if the condo is an approved condo project through FHA. Most likely, it wont be. So for condo financing purposes, you would need to look at conventional financing. Conventional purchase loans can be approved with as little as 3% down. I am an approved lender in Georgia and would be happy to have a conversation about your options. Victor Emmel, PrimeLending. 801-819-5901

May 15th 2015
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