The advantage of buying a Boston real estate for sale that’s FHA approved is great. On this Boston condo blog post I’ll discuss and provide a YouTube video of the advantages of buying a Boston condo that’s FHA approved.
First what is a FHA approved Boston condo?
First what is a FHA approved Boston condo? FHA is an acronym for Federal Housing Administration and this section of the government scrutinizes a Boston condo building in order to obtain the status of FHA approved. This would include that the condo association submits to the FHA the condo association budget, attorney option letter, condo association by-laws and a condo questionnaire among many other documents.
Advantages of a FHA Loan
The advantages of having your condo in an FHA condo building is enormous,
- If a Boston condo is not FHA approved it makes it very difficult to obtain a mortgage for the property.
- You know if the building is FHA approved that the condo association is being run properly.
- As a seller it makes it easier to sell to future buyers.
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