FHA Approved Condo For Sale in Burlingame

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. 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."

Dining Room

"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.

Related Post: Maps for tracts in the Bay Area that qualify for 5% down with no PMI

 

 

 

 

 

 

 

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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.


Comment balloon 2 commentsPhil Caulfield • September 01 2010 05:26PM

Comments

There is now an alternative to FHA financing with 5% down in San Mateo County up to $625,500 with no mortgage insurance. With this program there are more condos available to look at.

Posted by Phil Caulfield, I Get The Loans Done That The Big Banks Don't! (Guarantee Mortgage) over 7 years ago
Answer is, it depends. FHA loans euirqre you to owner occupy the property for the first 12 months after closing if you bought it as a primary residence. After that time you can rent the property and acquire another using FHA financing. Then repeat next year if you like.VA loans are limited to one at a time. FHA loans are different. However, you may run up against the number of properties owned rules from your lender. Some limit you to four with mortgages, others to eight with mortgages. This usually applies to FNMA and FHLMC lending, but some lenders Was this answer helpful?
Posted by Paul over 7 years ago

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