Thousands of additional condominium units in the market will soon become eligible for FHA financing after the Federal Housing Administration (FHA) issued last August an important update which included the revival of its “spot approval” program. Compared with a detached single-family home, a condo is a more affordable option for a broad range of credit-worthy homebuyers who prefer a relaxed lifestyle that’s surrounded by amenities. The new policy will result in an estimated 20,000 to 60,000 FHA-insured condominium units every year.
There are many things to consider when purchasing your home. One of the key factors is deciding what type of home is best suited for you. Condos, townhomes and single-family homes each have their own set of pros and cons. To make a smart decision, here are a few factors to consider: