Only 30% of Condo Buildings are FHA

Only 30% of Condo Buildings are FHA
Prospects of Condo Comeback Are High: Condo sales have been on a roller coaster ride in recent years, as the recession hit the sector hard. But is the country ready for a condo revival? In 2005, condo sales surged to 12.7 percent of all home sales. But the financial crisis caused the condo market to recede — even more so than the single-family market — with sales falling to 10.7 percent of all home purchases in 2009. "Condo sales moved sideways several years after the recession before picking up steam again in 2013," This year, it continues to rebound and currently accounts for 12.3 percent of all sales in 2014. Nationally, only about 30 percent of condos are approved for FHA financing, and even fewer are VA-approved. A condo project that receives FHA or VA approval is more likely to attract a larger pool of qualified buyers. Watch our video and give us a call, We can help.