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Buying a Northern VA Condo with an FHA Loan? Do Your Homework

If you’re thinking about buying a condo in Northern Virginia using an FHA loan then make sure you do your homework first. Unlike a townhouse or single family home that only needs to pass an FHA inspection on the unit itself, condos require that the entire community be approved by HUD (Housing and Urban Development) that funds FHA loans. If the community has already been approved then there shouldn’t be any issues getting FHA financing. If the condo complex has not been approved then the property management company needs to apply with HUD. This process could take weeks or months and it may not necessarily be approved in the end. Make sure that you protect yourself in the sales contract in case the approval doesn’t go through and you’re unable to get FHA financing.

The best way to make sure you’re protected is to use a Realtor that has experience buying condos using an FHA loan. Tom and Cindy’s team of Realtors encounters situations like this all the time and we have the knowledge and resources necessary to protect our clients throughout the process.