FHA Approved Condos for Sale

| January 2, 2012

The Federal Homes Program exists to help people with low income qualify for a mortgage and buy a home. The Federal Housing Authority (FHA) is responsible for providing government-backed loans to homebuyers, and it also is responsible for repossessing homes. A home repossessed by the Federal Housing Authority is commonly referred to as an FHA foreclosure.

FHA approved condos for sale are typically priced below the market value. This makes them an attractive option for people struggling to make ends meet. The FHA prices homes to recoup the amount that was originally supposed to be paid to the lender.

Because the Federal Housing Authority has such high standards, all of the foreclosed properties sold through the FHA are in top condition. One will never find a condo infested with rats or termites when purchasing a home through the FHA. Also, one will not find a condo in need of many repairs on the roof, interior, or basement when purchasing a home through the FHA.

Many people have taken to investing in FHA approved condos for sale. Purchasing a few of these homes can significantly increase the income any person enjoys in a given year. Also, purchasing a few of these homes can even completely replace the income one has.

An FHA foreclosure may be purchased by any person qualifying for a loan. In addition, any person with the necessary cash on hand can purchase an FHA foreclosure. People who are going to actually live in the home will always get first priority over other buyers. This means that families have a shot in landing a great deal on a foreclosed home that will not be taken over by investors.

In this economy, investors do still have a good shot at purchasing an FHA approved condo for sale. In fact, many experts recommend that novice investors begin by purchasing an FHA foreclosure as their first investment. Investors can simply purchase FHA foreclosures and fix them up to turn a profit. Even investors without a large cash reserve can purchase an FHA foreclosure, because there are many low income financing options available for such people.

In making the move to purchase an FHA foreclosure, hiring an HUD real estate agent is a smart choice. An HUD real estate agent is licensed and qualified to handle this sort of sale.

To find the most recent FHA foreclosures, one may wish to visit http://www.hud.gov.

Category: Home Loan

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