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The FHA loan, what are the Advantages in today’s Market?

      The New Orleans real estate market has come alive in the last 4-5 weeks.  Interest rates are still good closing at 5.5% today.  One of the things I have learned in the last two to three  months is the value of the FHA loan when it comes to condos and homes.  There are several advantages which I will touch on briefly so you can get some ideas.  It may save you thousands. 

      You still may be eligible for the $8000 tax credit that ends this November so check this out as well.  Real Estate season started late this year but is now in full swing. 

fha-loans

      The one big issue is weather the condo association can be financed by being on the FHA condo list or by doing a spot approval.  Please chose a local lender as they will be far more knowledgeable  than an out of town person.  An agent can help you with the questionnaire to see if the condo may pass the requirements before starting. 

     Its always better to know that you will have a high probability of success.  This is where a knowledgeable condo agent and lender are very valuable.  Here is the questions that are asked to condo association to determine if you can do a spot approval.  Spot Approval Process.

     There are  some very good lenders but there is a special one in   Jeff Bollinger  ” The FHA Expert ” is one who is an FHA expert in my eyes.  He has a weekly blog that can answer many of your questions just by reading his thoughts and many comparisons he makes.  A true expert indeed.  This is where I go to look for answers when I need to have a question answered.  He is not local but has the answers for everyone to read and think about.

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  1. AndyI

    In Grand Rapids, condos are having trouble getting FHA approved. So it’s 10 – 20% down and that can be tough.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA