FHA Condo Spot Approvals
DDA Mortgage • May 17, 2021
What is an FHA spot approval?
When a condo is constructed it is either an FHA approved or not. This means the individual units qualify for an FHA loan or they don't, and the reality is, most condo projects are not FHA approved.
A spot approval allows units within a condo project to be approved on an individual bases. With a spot approval you can qualify for an FHA loan. This increases your options and buying power in a competitive market.
With spot approval, the condo still has to meet all the FHA lending requirements. Depending on how much cash you have for a down payment, your credit score, and the condo, you may want to consider other loan options.
To match the right loan type to your purchasing strategy, contact a loan expert. We will educate you about all your options.
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