What is the minimum down payment requirement for FHA?
“Generally, the borrower must make a cash investment of at least 3.5 percent of the contract sales price as required by the Housing and Economic Recovery Act of 2008.” FHA
What are the basic eligibility requirements for FHA financing?
“Generally, to be eligible for an FHA loan, you must have a valid social security number and have lawful residency in the United States and be of a legal age to sign on a mortgage in your state. Lenders will verify income, assets, liabilities, and credit history for all parties on the loan.” FHA
When considering purchasing Condos or Townhouses in Minneapolis with an FHA loan these project must have already been approved by the FHA and HUD. Below is a full list of FHA approved condos and lofts in downtown Minneapolis.
Where can I buy downtown Minneapolis with an FHA Loan?
Harvester Lofts: 618 Washington Ave N
Franklin Lofts: 111 E Franklin Ave
The Crossings: 121 Washington Ave S
Rappahannock Flats Condominium: 607 S 9th St
Summit House: 400, 410 Groveland Ave
1200 on the Mall: 1200 Nicollet Ave
The River Towers Condos: 15 S 1st St and 19 S 1st St
301 Oak Grove: 301 Oak Grove St
Eat Street Flats: 15 E Franklin
Madison Lofts: 1701 Madison Ave NE
Bridgewater Lofts: 215 10th Ave S
Groveland Terrace: 48, 50, 52 Groveland
M Flats Condos: 2900 University Ave
Security Warehouse: 404 Washington Ave N
Village Lofts at St Anthony Falls: 150 2nd St NE, 100 2nd St NE
1900 Stevens: 1900 Stevens Ave
Itasca Condos: 702-724 N. 1st St
801 Washington Lofts: 801 N Washington Ave
Tower Lofts: 700 Washington Ave N
Rock Island Lofts: 111 4th Ave N
River Tower Condos: 1920 S 1ST ST
Greenleaf Lofts: 9 W Franklin Ave
Cobalt Condos: 45 University Ave SE
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*for complete Minneapolis List visit Hud’s official website
