Spectrum in Falls Church Gets FHA Financing
Spectrum in Falls Church has become the latest condo project in the DC area to be approved for FHA financing, the recently-popular federal program that enables consumers to make down payments of as little as 3.5 percent. The 189-unit Spectrum was built with eco-friendly principles including sustainable bamboo or cork flooring options, energy-saving utility components, and a green roof. It is located just off Route 7 about a ten-minute drive from the East Falls Church Metro station on the Orange Line (see map).
Rendering of Spectrum in Falls Church
New buildings that are not already FHA approved make it much harder for would-be buyers to secure FHA financing to purchase a unit, which in turn makes it harder for the building to sell units period. The U.S. Department of Housing and Urban Development has a website for consumers to search the entire database of FHA-approved condos. In many cases this won’t be necessary, as condo projects typically advertise their FHA approval prominently if they have it.
The Wall Street Journal reported last month that the FHA guaranteed over 185,000 mortgages in June, the most it had ever guaranteed in a single month in its 75-year history. FHA mortgages have exploded in popularity as tightened lending standards have made it one of the few remaining sources of low-down-payment loans.
See other articles related to: falls church condos, dclofts
This article originally published at http://dc.urbanturf.com/articles/blog/spectrum_in_falls_church_gets_fha_financing/1238
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1 Comment
Well, great! If you take 3.5 percent down on a two bedroom at the spectrum, which is roughly 15k of approximately 435k, based on this, one’s mortgage is roughly 2,200/mo + 400 condo fee (est.) + PMI + taxes. You’re roughly looking at around 3,000 to 3,500 per month for a payment for a two bedroom condo a mile from the Metro not in the city. Oh, I forgot to add in utilities. Come on, is the Spectrum really worth it?