Portland Condos – FHA more affordable!
Portland Condos. Great news in the mortgage industry that may help more buyers by a condo in Portland! HUD recently announced a half-percent reduction in mortgage insurance premiums (MIPs) on certain FHA loans. Below is a list of Portland condos in some of our close in neighborhoods including the Pearl District, Northwest Portland, Downtown Portland, Goose Hollow and South Waterfront that are currently FHA approved Portland condo buildings.
According to HUD, the average FHA home or condo owner can save $900 per year on mortgage insurance. The bureau anticipates more than 250,000 first-time buyers to benefit from the cost reductions over the next three years.
Great time to purchase a Portland condo in Portland Oregon! Interest rates started the year with near historically low levels. If you are thinking about purchasing a condo in Portland you can save on both MIP and interest rates, making it easier for you to qualify for the condo you really want. If in the past had wanted to purchase a Portland condo but did not qualify for a loan, it may be worth trying again. For a complete list of Portland condos for sale click here.
List of current Portland Condo buildings as of January 2015 from HUD.gov that is approved FHA buildings. There are several more approved Portland Condo buildings especially in the Pearl District but are now expired… perhaps they could be reinstated?
Downtown Portland – Cornerstone Condos
South Waterfront – John Ross Condos and Meriwether Condos
Northwest Portland – Embassy Condos, Westerly Condos, King Square Condos, Northrup Commons Condos and Irving Classic Condos
Goose Hollow – Clay Street Commons Condos