FHA Approved Condos in Costa Mesa
Wondering what condos in Costa Mesa are approved for FHA financing? There is currently a short list of Costa Mesa approved projects (skip below to see if the group you are interested in is on the list)- as of this writing there are 50 approved condominium complexes in town. But be careful – as of this writing today (6/15/2011) 41 of the 50 FHA Approved projects have there FHA credentials either already expired or expiring in the next 2 months.
Ouch!! Hopefully the board of directors at these HOA’s will renew their credentials.
Why is this important? If you are not familiar with FHA financing, it allows a borrower to obtain a federally guaranteed loan with a minimum down payment. Lenders like FHA loans because if the borrower ever defaults on the mortgage, the lender will not lose their entire investment in the loan should they have to foreclose. Buyers love to buy a home or townhouse with FHA financing because it only requires a minimum downpayment of 3.5% of the purchase price, and the guidelines of this loan also allow for seller contributions or closing costs which can effectively net out to a “0” down type of purchase. FHA financing is very attractive to first time home buyers for these reasons.
So it is very important for our area of Costa Mesa real estate that these complexes continue to renew their FHA credentials so that our community will continue to be attractive to first time home buyers as well as current homeowners there who may need to refinance.
Here is the current link to the official list as supported by HUD, short for the Department of Housing and Urban Development. Simply type in the state, zip, or city that you want to check and it should produce a current list of approved condos.
If you need help navigating through the world of FHA financing or Costa Mesa condos, feel free to contact me at 714-743-9882 or firstname.lastname@example.org. Some of the info on the list below can be a bit confusing with regards to financing.
As of this writing, here is the current project list for Costa Mesa real estate: