FHA Approved -- Not Always

Important information for buyers and sellers of condos.

If a buyer is FHA approved, a buyer only has to bring 3.5% downpayment to the closing table but they may not get to the closing because not all properties are FHA approved.

A lender can get a "spot approval" on a property that is not on "the list" but it has to meet several different criteria.

Buyers make sure you talk to your Realtor and Mortgage Lender about this. If you can't get a loan on a specific property, then you are wasting your time and the sellers.

Sellers beware. Ask your Realtor or Mortgage Lender if your subdivision is on the FHA list.

Mason Condo Market

There is an overabundance of condos on the market in Mason right now. There are 146 units for sale. The price range is $54,000 to $435,000. It is definitely a buyers market for condos.

One benefit to owning a condo is lower maintenance and no yard work!

But one drawback is the HOA or Homeowners Association monthly fees. These fees can be as little as $100 a month to $300 a month. That's in addition to your mortgage. These monthly fees usually cover outside maintenance of the unit and sometimes utilities are included. Each community is different.

A higher down payment may also be required from a lender if you plan to purchase a condo. New guidelines require a minimum of 10% down for a conventional loan. Talk to a qualified mortgage officer for details.