FHA loans for condominiums
Individuals looking to buy or refinance single unit condominiums may obtain FHA insured mortgages with loans up to 30-year terms. Condominiums re defined as one-family unit in a project coupled with an undivided interest in the common areas and facilities which serve the project.
The condominium project must be in full compliance with applicable state law requirements of the jurisdiction in which the condominium project is located and currently in good standing with the state. It also must be primarily residential, contain at least two dwelling units, and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an elevator, or manufactured housing.