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· The requirements to get an FHA loan for a condo are strict. The complex itself needs to be FHA approved. Here’s why and what you can do about it.
If you want to apply for a FHA loan on these grounds, you will only need to be approved for the loan amount used to purchase or refinance a home rather than the total loan figure. The borrower then decides which package of improvements to sign up for on their home (after the property is assessed by a surveyor).
Insured by the federal housing administration (fha), FHA-loans require lower minimum credit scores. nearly one-fifth of people with student debt who apply for traditional mortgages are denied.