What Condos For Sale In Alexandria VA Are FHA Approved?
Alexandria VA Real Estate - One of the biggest mistakes that home buyers make is starting the home search before obtaining a mortgage approval. Did you know that despite having a mortgage loan approval, there are certain homes that you cannot buy? This holds true if you are buying a home with an FHA loan. FHA loans are the most popular types of loans for first-time home buyers and buyers with less cash for a down payment. Currently, an FHA loan requires a 3.5% down payment. If you are looking at condos for sale in Alexandria VA with an FHA loan, you will need to make sure that the condo is FHA approved.
Homes like my current listing at 2500 Van Dorn in Park Place, can only be purchased with cash or conventional financing. So, even though this Alexandria VA high-rise condo for sale is attractively priced at $89,000, it's out of reach if you cannot afford to pay cash or if you cannot qualify for conventional financing.
One of the ways that an experienced Alexandria VA buyer agent can help is to recommend local lenders to help you get qualified, and to show you homes that fit your buyer criteria. While it may seem cool to look a homes before you're approved for your mortgage, it's a waste of time to look at homes that are out of reach because of price or financing constraints. If you have been approved for your mortgage and are looking for Alexandria VA condos for sale that are FHA approved, first visit the FHA website. By selecting 'Virginia' for the state, and entering 'Alexandria' for the 'City' you can see a list of condo buildings that are approved for FHA financing. The list can change throughout the year, and the FHA approval can expire before your closing date.
If you are ready to buy a home in Alexandria VA, call me at 703-623-8759.
See Also: Your Loan Is No Longer Available
See Also: Biggest Buyer Blunder
Connect with me on Google+