FHA-Approved Condos

 

With the tightened requirements conventional mortgages bring, more people are turning to FHA loans. Qualifications are a little more lenient, and in most cases only require a minimum 3.5% down payment.

Here’s a list of condos and townhomes with FHA approval (as of 10/04/10). They are sorted by area and in order: Downtown, Belltown, Eastlake, Queen Anne, West Queen Anne, Capitol Hill, Ballard and Magnolia.

For more information on government programs, click on this FHA link. Then fill out our contact form at this Stroupe Group link.  Let’s help you do some happy shopping!

DOWNTOWN

1300 University

5^th and Madison – 909 5^th Ave

98 Union

Bolero – 1323 Boren Ave

Cosmopolitan – 819 Virginia St

Decatur – 1105 Spring St

Escala – 1920 4^th Ave

Florentine – 526 1^st Ave S

Meridien – 1420 Terry Ave

Talisman – 1000 Union St

Waterfront Landings – 1900/1950/2000 Alaskan Way

 

BELLTOWN

Alexandria – 3028 Western Ave

Arbor Place Tower – 121 Vine St

Bellora – 2716 Elliot Ave

Ellington – 2801 1^st Ave

Gallery Belltown – 2911 2^nd Ave

Harbour Heights – 2621 2^nd Ave

Klee – 2701 Western Ave

Market Court – 2030 Western Ave

Matae Belltown – 159 Denny Way

Montreaux – 425 Vine St

Mosler Lofts – 2720 3^rd Ave

Parc-Belltown – 76 Cedar St

Royal Crest – 2100 3^rd Ave

Seattle Heights – 2600 2^nd Ave

Trio – 3104 Western Ave

Vine – 2607 Western Ave

 

EASTLAKE

1100 Harrison

1111 East John

1926 Fairview

2228 Yale

2727 Franklin

535 Summit Ave E

954 Broadway

Arcadian Court – 511 E Roy St

ArtHaus – 735 Federal Ave E

Bamberg – 416 E Roy St

Bellevue Place – 1000 Bellevue Pl E

Belmont Place – 721 Boylston Ave E

Brix – 530 Broadway E

Broadway Plaza – 116 E 11th Ave

Camellia Manor – 501 E Harrison St

Castlewood – 2717 Franklin Ave E

Chancery – 2328 10^th Ave E

Consulate – 2320 10^th Ave E

Corniche – 131 Bellevue Ave E

De Lorge – 325 Harvard Ave E

Eastlake – 3217 Eastlake Ave E

Embassy – 2350 10^th Ave E

Fairfax – 1508 10^th Ave E

Franklin Court – 2827 Franklin Ave E

Garden Court on Belmont – 232 Belmont Ave E

Glen Ray – 411 Boylston Ave E

Gleneagles Townhomes – 603 13^th Ave E

Harbor Pointe – 2611 Eastlake Ave E

Highlander – 525 Belmont Ave E

Ives – 3121 Franklin Ave E

Jackson Court – 530 Melrose Ave E

La Pergola – 730 Bellevue Ave E

Lakeside Terrace – 2012 Eastlake Ave E

Lakeview – 1114 Lakeview Blvd E

Maison D’Or – 75 E Lynn St

Melrose East – 150 Melrose Ave E

Mode – 752 Bellevue Ave E

Nob Hill – 521 Summit Ave E

Park Lane Place – 400 Boylston Ave E

Park Summit – 211 Summit Ave E

Plaza Del Sol – 1711 E Olive Way

Roanoke Place – 2309 10^th Ave

Ruby – 2960 Eastlake Ave E

Sahali – 400 Melrose Ave E

Seacrest – 2703 Boylston Ave E

Sentinel – 320 Melrose Ave E

Shannon – 601 Belmont Ave E

Summit Place – 435 Summit Ave E

Summit Tower – 900 Summit Ave E

Toltec – 630 13^th Ave E

Union Harbor – 2301 Fairview Ave E

 

QUEEN ANNE

1234 Taylor  – 1234 Taylor Ave N

160 Lee St

1629 Condominiums – 1629 Queen Anne Ave N

2001 Westlake – 2001 Westlake Ave N

57 Etruria 

Alterra – 1000 Aurora Ave

Ashbury – 18 Dravus St

Barclay Court – 701 1^st Ave N

Borealis – 2628 4th Ave N

Citiscape – 1504 Aurora Ave N

City View Place – 1312 6^th Ave N

Cornerstone of Queen Anne – 500 Aloha St

Courtyard at Queen Anne Square – 275 W Roy St

Essex House  -1808 Bigelow Ave N

Hayes Court – 769 Hayes St

Highland House East – 564 Highland Dr

Kinnear Park – 410 W Roy St

Marselle – 699 John St

Mercer Place – 522 W Mercer Pl

Nautica – 701 Galer St

Queen Anne Park – 29 Etruria St

Queen’s Court – 124 Warren Ave N

Regency – 612 Prospect St

Renaissance on Queen Anne – 810 Taylor Ave N

Seaview/Seaview West – 519 W Roy St

Serana – 621 5^th Ave N

Signature Place – 801 2^nd Ave N

Skyline Place – 920 5^th Ave N

Taylor – 1525 Taylor Ave N

Taylor Lee – 120 Taylor Ave N

Towne Terrace – 550 Aloha St

Union Bay – 762 Hayes St

Veer Lofts – 401 9^th Ave N

Waverly Place – 2040 Waverly Pl

Willis – 720 Queen Anne Ave N

Wilson Court – 420 Valley St

 

WEST QUEEN ANNE

202 W Olympic Pl

2048 Condominium – 2048 13^th Ave W

2811 Fourteenth Avenue West

Andiamo – 626 4^th Ave W

Apollo – 330 W Olympic Pl

Bostonian – 1300 W Boston St

Canal Place – 965 Nickerson

Citadel – 2040 13^th Ave W

Desiree – 3030 14^th Ave W

Dravus Place – 3216 14^th Ave W

Gilman’s Fairway – 2530 15th Ave W

Johnston Manor – 2552 14th Ave W

Kinnear Vista – 1001 2nd Ave W

Luxe – 500 5th Ave W

Newell Square – 3609 14th Ave W

Northern Lights – 1015 W Nickerson St

Olympic Plaza – 654 W Olympic Pl

Panorama West – 3622 14th Ave W

Pierre Marquis – 2253 Gilman Dr W

Queen Anne Condominiums – 2572 14th Ave W

Queen Anne II (or 02) – 3636 14th Ave W

Queen Anne North – 1324 W Emerson

Queen Anne Ocean View – 2244 13th Ave W

Shannon Place – 3646 14^th Ave W

Tarmigan – 2219 14^th Ave W

Urban Terrace – 3420 15^th Ave W

Vikur Heim – 1001 W Howe St

West Howe Park – 1110 W Howe St

Westview Manor – 2625 13^th Ave W

 

CAPITOL HILL

1111 East Pike

1515 E Union

16^th Avenue  –  102 16^th Ave

1800 Boylston

1819 17^th Avenue

21 Cherry  – 21 Cherry St

Alpine Villa – 308 Summit Ave

Ambassador  I  – 505 E Denny Way

Ambassador II  –  506 E Howell St

Belcourt Place – 1617 Summit Ave

Bungalow Court  –  341 16th Ave

Central Park East – 2001 E Yesler Way

Courtyard on Capitol Hill – 1600-1625 15^th Ave

East Madison Townhouse – 2593 E Madison St

Fir Street – 127 22^nd Ave

Fleur De Lis – 1114 17^th Ave

Fortune View  – 1818 18^th Ave E

Garden Court  – 1631 16^th Ave

Hill House  – 1725 24^th Ave

Ivory Coaste  – 923 15^th Ave

Madison View  – 1820 24^th Ave

Maison Jiselle  – 120 14^th Ave

Maison Ville  – 1740 Melrose Ave

Manhattan Plaza  – 701 17^th Ave

Monique Lofts – 1024 Pike St

Onyx – 1125 E Olive St

Parc  on Summit – 1616 Summit  Ave

Pike Lofts – 303 E Pike St

Pine Street Cottages – 2116 E Pine

Portofino – 417 E Pine St

Seventeen07 – 1707 Boylston Ave

Squire Park Place – 1814 E Jefferson St

Trace North – 1412 12^th Ave

Villa on Terrace – 1101 E Terrace St

Waterworks – 1828 11^th Ave

 

BALLARD

6210 14^th Avenue – 6210 14^th Ave NW

Bal Harbour – 1743 NW 57th St

Ballard Arms – 1733 NW 59th St

Ballard Breeze – 1519 NW 59th St

Ballard Four Seasons – 1738 NW 58th St

Ballard Park II – 2433 NW 59th St

Ballard, The – 1525 NW 57th St

Danielle – 5803 24th Ave NW

Gilman Park – 1512 NW 57th St

Hjarta – 1530 NW Market St

Kalie Karin – 1707 NW 59th St

Kasteel – 5701 20th Ave NW

Linnea – 2600 NW 56th StBottom of Form

NoMa – 5650 24th Ave NW

Sunset at the Locks – 2413 & 2417 NW 59th St

Xavier – 804 NW 52nd St

  

MAGNOLIA

Baywatch at Magnolia  –  2200 Thorndyke Ave W

Blue Heron  –  3150 W Government Way

Discovery Park  –  3505 W Government Way

El Dorado IV – 3630 26^th Pl W

Holly Terrace – 2550 Thorndyke Ave W

Magnolia Bay – 2310 Thorndyke Ave W

Magnolia View – 2562 Thorndyke Ave W

Quarterdeck  –  3700 26^th Pl W

Windy Hills – 3710 26^th Pl W

FHA Diet Plan: More Fruits & Vegetables, Less Fast Food, & More Cardio

We’re a little late posting on this topic which seems to have been beat in the head since everyone caught wind of it, but we’re not sure that this “bad news” is really all that bad at all.  It might also be fair to say that it’s not all that interesting either.  We’d rather spend the time available to post an update on ENSO (coming soon).  But, there were some questions we bounced back and forth between a couple of the lenders we regularly refer business to (btw, a good reliable lender can sometimes be like a pint of your favorite ice cream) and we had to get our facts straight.

Awesome Lenders: Lori Richmond & Virginia Lawson

If you have yet to be filled in, the government backed loan program (FHA), has become a resourceful option for first-time buyers, but the program is moving towards congressional tightening on standards with FHA applicants during an economic upswing–or even better known as a plateau.  There’s certainly no doubt that the peak of the market during 2006/07 won’t be coming back anytime soon, but why ruin the party when people are finally starting to show up?

In a quick pre-summary, FHA is looking to make three major changes that could hinder the market’s momentum: increasing FICO score requirements, decreasing the allowable percentage of contributions a seller can provide to meet lending guidelines, and increasing the down payment minimum from 3.5% to a whopping 5%.

A lot of what’s attracting the attention to these changes is that standards will become tighter for mainly first-time buyers, yet FHA loans have become a popular and inexpensive option for those who are having a hard time coming up with a 20% down payment for a conventional loan. Although conventional loans will allow borrowers to go down to 5%, they require a buyer to pay for additional fees such at private mortgage insurance (PMI), as well as have a credit score of at least 740.  That’s just for single-family homes.  Condos are another story. Condos require a minimum of a 10% down payment in order to obtain PMI on a conventional loan.  Therefore, FHA is the only option for buyers that cannot even come up with that initial 10% on a condominium.

Also, a seller can currently contribute to a buyer’s purchase through concessions of up to 6%, and many feel that bringing the newly proposed maximum to 3% will be more in line with common norms.  However, what most industry professionals are most concerned about is the additional FICO score increase, which hasn’t had any positive influence with a lot of Americans over the last couple years.  The requirement had already been raised recently, and FHA is looking at increasing the minimum down payment amount which could put a lot of potential buyers out of the game.

With the proposal of a new bill, the new guidelines would also raise minimum down payment to 5% as opposed to the current 3.5%.  It’s important that the program survives and many feel that raising FHA standards could be detrimental.  At the same time, the tax credit has certainly pulled a lot of first-time buyers over the fence, and now it’s time for those who sold to continue the stimulation by moving up.  Regardless, if FHA doesn’t survive as a viable option for buyers that need help with getting their foot in the door, then there’s not really any other options out there at this time.  The next generation of  buyers are going to need to pull together more resources and put in a little more effort up front.

That said, it’s really not all that bad of news, compared to real estate-related headlines we’ve gotten used to.  In fact, the spin would be that the market has been stimulated, there has been a positive track record of activity, and therefore it’s time to tighten the reins a bit.  Of course, being in real estate sales, we’re always “for” programs and incentives that help us sell more product, but there’s not too much on this news to argue.  Looking back, is it fair to say that maybe a big contribution to the financial crisis was due to too many loans given to too many people whose credit scores could have had a higher rating?  Could it be argued that allowing a seller to assume responsibility on 6% of a loan ($18,000 on a downtown “starter”) for a product they’re selling is really just a creative way to sneak a buyer into a purchase they really can’t afford to begin with?  And, is a minimum of 5% for a down payment really too high, or is 3.5% pretty darn low?

FHA Spot Approvals for Condos Being Eliminated

Spot approvals for FHA loans are said to be cut in October, however investors have to buy the loan, then sell back to FHA.  Therefore, investors may cut spot approvals sooner than October 1st.  One of our preferred lenders has done several for us, and has recommended that if anyone is looking to make a purchase using a spot approval, it would be wise to do so sooner than later.   Although buyers will be able to still get FHA loans on FHA approved properties, options will be extremely limited considering many of the older buildings downtown still have not yet been approved. Currently, the following FHA Spot Approval Guidelines must be met:

• The legal documents of the homeowners association do not contain a right of first refusal or restrictive covenant.
• The unit is part of a condominium regime that provides for common and undivided ownership of common areas by unit owners.
• The project, including the common elements, and those of any Master Association, are complete and the project is not subject to additional phasing or annexation.
• (a) There are no special assessments pending.
  (b) No legal action is pending against the condominium association, or its officers or directors.
• The common areas have been under the control of the homeowners association for at least one year.
• At least 90% of the total units in the project have been sold.
• At least 51% of the total units in the project are owner-occupied.
• There are no adverse environmental factors affecting the project as a whole or individual units.
• No single entity owns more than 10% of the total units in the project.
• The units in the project are owned in fee simple or the units are held under a leasehold acceptable to FHA.
• The homeowners association has adequate common area insurance coverage. General liability, replacement coverage, etc., reflect the character, amenities and risks of the particular development. Flood and other insurances should be carried when applicable.
• General maintenance level of common elements is acceptable and there is no deferred maintenance, based on the comments by the Appraiser and/or the pictures.
• The homeowners association has a reserve plan and a reserve fund, separate from the operating account, that is adequate to prevent deferred maintenance.
• (a) For projects consisting of over 30 units, no more than 10% of the total units are encumbered by FHA insured mortgages.
  (b) For projects consisting of 30 units or less, no more than 20 percent of the total units are encumbered by FHA insured mortgages.

Developers now apply for FHA approval of the entire project during development, but with the lack of supply Seattle is expected to have, getting a FHA loan can be more difficult come the final quarter of the year if you’re seeking a unit in a building that has yet to get approval. Contact us for more information.

New Stimulus Package: Part II – FHA, Freddie, & Fannie Loan Limits

The bill regarding FHA, Fannie Mae, and Freddie Mac loan limits has extended its expiration to December 31st, 2009 and increased limits to 125 percent of a local market’s median home price.  In King County, the $417,000 loan limit for FHA has been reported to increase to $567,500 and the GSE loan limit to $567,500.

California had the only three metro regions where the loan limits reached their cap of $729,759.

This provision should lower the cost of home buying or refinancing since it’s favored by investors, but it could be argued that raising the limits just inflates home prices even further–hurting the GSE mission of bringing affordable housing to low- middle -income families.