FHA created the spot loan provision specifically for such an occasion. Of course, there are still many guidelines that determine if a condominium project will qualify for an FHA spot loan:
o For projects over 30 units, no more than 10 percent of the units can have FHA loans, and for projects of 30 units or less, no more than 20 percent of the units can have FHA loans.
The FHA spot loan program is designed to provide you with an opportunity to purchase a unit in a non-approved condominium project where FHA involvement is limited.
What is an FHA Spot Loan?
New Home Buyers should consider buying Owner Occupied Multi Family (2-4 units) with an FHA Loan.
- Credit score assumed is over 620 + Fico
- Unit1: owner Occupied
- Unit 2:$800
- Unit 3:$700
- Unit 4:$600
- Monthly Auto Loan Payment :$250
- Minimum Monthly Credit card Pmt $150