Moving Family Forward

FHA Condominium Loans in Birmingham, Huntsville & Mobile

For more than 20 years now, Weber Mortgage has been the most reliable mortgage company to provide services for availing of Federal Housing Administration or FHA Condominium Loans in Birmingham, Huntsville, & Mobile in Alabama.

Weber Mortgage has been operating since 1999 and has earned quite a respected place among the clients. Our experts offer superior rates and services for VA, FHA, conventional, non-qualifying, and other types of home loans. From the first contact to the final closing, your biggest investment is our priority. We make your home loan process clear and straightforward.

What is an FHA Condominium Loan?

FHA Condominium Loans are specifically geared toward those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development’s common areas and facilities, is for some buyers, a very popular alternative to homeownership.

FHA Condo Loan Rules

FHA Condominium Loan

FHA loans require condos or condo units to be on or added to the FHA-approved list. You can search for an approved condo project using a tool on the FHA official site or you can discuss what it takes to add the project to the FHA approval list with your lender.

Condo loans have certain considerations and not all condo projects are identical. FHA loan rules state that in some cases where condo projects have been converted from rental properties, there may be mandatory waiting periods (a year from the conversion to the loan application) and other considerations.

Individual condo units in a project not currently approved or on the FHA-approved list may be considered if the individual units meet FHA requirements. Single condo unit approval hinges on the following guidelines from the FHA:

“To be eligible for Single-Unit Approval, the unit must be located in a project that is not FHA-approved, that is complete and ready for occupancy, has at least five dwelling units and it is not a manufactured home.” The project must also meet a list of other requirements, “including FHA insurance concentration, owner-occupancy percentage, and financial condition of the project.”

Why Choose Weber Mortgage?

It’s human nature to build a family and every family dreams to have its very own home. Therefore, it’s only natural that professionals with a family-oriented perspective will realize the true passion for every person seeking a home loan. Weber Mortgage is a family-owned company and we know how important it is for you to find the most suitable loan & home that not only meets your desire but also takes care of your financial status.

Contact us today or call us at 205-751-8583 to take the first step in making your dream to own a home come true. Our services are available in Dothan, Eight Mile, Fitzpatrick, Laceys Spring, Union Springs, Vinegar Bend, and other places throughout the Alabama state.