Some condo projects are approved for FHA Financing and some are not. In the last few years, less condo projects are approved for FHA loans than before, which can make it harder as a seller to find a buyer for your condominium. As a listing agent in Mueller and Austin, I need to know which complexes can accept which loan types, as this feeds into pricing and marketing strategies.
Use this website to find which condos are approved by HUD? At this website you can see the Greenway Lofts are approved (search 78723 and as of today, they’re the only regime in the zip code that is).
FHA loans lower the barriers to entry for home purchase, though you are not required to be a first time home buyer to use one. Downpayments are lower – currently a minimum of 3.5% and this means that they extend to a wider audience. The challenge at Mueller is the maximum loan limit for an FHA loan is around $280k, so that limits the ultimate purchase price.