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The FHA has many programs and types of loans to help people and families purchase a home. Sometimes people put off home ownership because they are worried about all of the maintenance responsibilities that come along with owning your own home and property. For those people who do not want a house, but would rather have the conveniences that come along with a lower maintenance condominium, the FHA also has specific loans for you.

The FHA Loans for Condominium Units is the program that may be right for you if you are looking for:

A home that requires low maintenance. Most condominium communities have fees that the owners pay monthly so that they can hire companies to maintain the outside environment of the community including mowing the grass, trimming hedges and bushed, mulching, paving and sealing parking lot cracks, snow removal, painting, and much more.

A close knit community. With condominium communities you have many neighbors who are in close proximity to you.

Common areas and resort qualities. Many condominiums have community pools, fitness rooms, playgrounds, club houses you could rent to have parties, tennis courts, and more that all of the members of the community are able to enjoy. When you purchase a single family home you may not be able to afford some of the amenities that come with living in a condominium community.

The FHA section 234(c) allows for people to obtain a loan to purchase condominium units. This loan program was created by the FHA in order to help those who faced eviction due to their rentals being converted into condominiums and put up for sale. Under this program the condominium building you plan to purchase in must have at least four units and you must qualify for an FHA mortgage loan. All of the other requirements are the same as for those purchasing a single family or up to four unit home through any of the other FHA mortgage loan programs. You must also plan to occupy the condominium you want to purchase. You can not purchase the condominium to use as a rental unit for monthly income through the FHA.

For more information on the FHA Loans for Condominium Units go to The FHA.

For further answers to FHA lending questions, try our FHA FAQ page. Whether you're looking to learn more about the intricacies of what it takes to qualify for a FHA loan or you're simply seeking more information, Get Loaned can help.

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