August 28, 2019 Foxridge Condominiums received FHA Approval from the US Department of Housing and Urban Development
What does this mean for buyers?
Because Foxridge is an FHA-Approved project, it means that this development meets all the strict standards and regulations required for buyers to be able to secure FHA Loans -- which means lower down payments and lower credit scores and sometimes even lower interest rates for first time home buyers!
What is an FHA loan?
FHA loans are guaranteed by the Federal Housing Administration (FHA). Since the FHA insures these loans, that means if borrowers default on the loan, the government will pay the lender for any losses. The FHA does not itself lend money; it merely guarantees the lender will not face losses.
By insuring the lender against loss, the FHA hopes to encourage homeownership among people who might otherwise not be able to afford it. FHA-backed loans usually have more lenient requirements than conventional loans—lower credit scores are required and your down payment can be as low as 3.5 percent.
The FHA loan is reserved for first time home buyers and only available through FHA lenders. The Federal Housing Authority sets maximum mortgage limits for FHA loans that vary by state and county.