FHA Approved Condo For Sale In Burlingame
Are you looking at condos for sale in Burlingame that are FHA approved? There is a condo for sale that is FHA approved located at 107 El Camino Real Unit 103.
FHA financing offers many benefits:
- The down payment can be as low as 3.5%
- The entire down payment can be a gift
- Co-signers that do not occupy the property are allowed
- The maximum loan amount in San Mateo County is $729,750
- Fixed rates are available
- Adjustable rates are available that have an initial fixed rate term
- Credit history requirements are typically more flexible than what is required with a conventional loan
Burlingame real estate agent Dave Tapper describes this condo for sale - "It is in a great location, just two blocks from Burlingame Avenue." People love being this close to downtown!"
"This one level unit has three bedrooms and three baths. In addition, it has two master bedroom suites, a marble entry way, and gorgeous hardwood floors."
"There is a fireplace, and a washer and dryer in the unit. There is two car parking in this secured building with tons of extra storage."
"This condo is one of only a few that offer earthquake insurance. This is an upscale, classy building that is 10 years young."
In order to use FHA financing for a condo, the complex must be FHA approved. In Burlingame, there are only two condo complexes that are FHA approved as of the date of this post.
If you plan on using FHA financing to purchase a condo for sale, it's probably a good idea to contact an FHA lender to find out what complexes are FHA approved in the area that you are interested in. And it also makes sense to get pre-approved prior to making an offer. It will make your offer look stronger!
If you have 5% available for the down payment, you may want to find out about a loan that requires 5% down with no PMI.
Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.