There are still plenty of Minneapolis – St Paul condos for sale that are FHA approved. This blog explores the best ways to find FHA approved Minneapolis – St Paul condos and lofts. Let’s get started.
The Housing and Urban Development – HUD
The U.S. Department of Housing and Urban Development site offers an easy to use search feature that helps people find FHA approved condos by location. The tool is sophisticated enough to drill down to units listed by the Zip Code or as large as an entire state. Access the tool at hud.gov. Note: You must use the form only between 8 am and 10 pm Eastern Standard Time otherwise the site is offline.
Are you Qualified?
The beautiful thing about any of the FHA approved condos in Minneapolis/St Paul is that qualifying is fairly easy. The FHA website is very clear that buying condo with good credit is easier, but there are still opportunities for most home buyers. Because the FHA insures your loan, you gain the trust of lenders who then offer you better rates. The lending bar is set at FICO score 580. Even if your score is below 580 you may still qualify for an FHA loan but the rates will be higher.
The biggest consideration is really about the amount of your down payment. When you choose one of the many FHA approved condos in Minneapolis/St Paul your FICO score determines how much of a down payment you need. At 580 and above you only need 3.5 percent. Below 580 you may need ten percent for your down payment.
When you are ready to purchase a condo in Minneapolis/St Paul be sure to start with the HUD search tool. Doing so helps ensure that you look only at units that are FHA approved. From there, take a close look at your credit scores and savings. Keep in mind that the down payment is the biggest hurdle, but there are even programs available to help you with that.
If you are looking to purchase a condo or a loft in Minneapolis-St Paul and the surrounding locations, please feel free to contact me today.
Realty Group, Inc.
Shannon Lindstrom, REALTOR®, AHWD, CRS, GREEN
3495 Northdale Blvd NW Ste 200
Minneapolis, MN 55448