In order to buy a condo unit with an FHA loan, it is required that the whole condominium is FHA certified by the Federal Housing Administration. Being able to accept an FHA backed loan will allow for more people to be able to purchase a condo from a building. With low down payment requirements, sometimes as low as 3.5%, FHA insured mortgages can be very desirable for first time home buyers. With many prospective condo buyers being first time homeowners, you may be interested in FHA condo certification for your building.
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