Matthew A. Sidor

Attorney At Law

Federal Authority Housing

While “spot approval” for FHA financing purposes is no longer allowed under the law, a condominium building may be approved in its entirety. FHA approval attracts lenders because they bear less risk due to the fact that FHA will pay the lender if a homeowner defaults on his or her loan. Mr. Sidor has the knowledge, ability and resources to assist condominium associations and prospective purchasers in obtaining FHA approval of condominium buildings.

FHA approval makes it easier for prospective purchasers to qualify for loans because it allows lenders to give purchasers loan terms that make it easier for them to qualify. FHA loans also have a low 3.5% down payment and competitive interest rates. Id. Also, the earnest money can come from a family member, employer or charitable organization as a gift, which is typically not allowed in traditional lending scenarios. Id. A prospective purchaser does not need to have a perfect credit score to get an FHA mortgage—in fact, if the purchaser has had credit problems, such as a bankruptcy, it's easier to qualify for an FHA loan than a conventional loan. Id. Finally, an FHA insured mortgage may be used to refinance a new or existing condominium unit. Id.

Contact Mr. Sidor to discuss how your condominium association might obtain FHA approval in order that your building might attract more purchasers and enhance its value, and therefore yours.