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What’s the Deal with FHA Loans?

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FHA Loans and Approval

Basically, FHA loans help make it affordable for higher risk borrowers to purchase homes. By “higher risk” we mean home buyers who have less money to use for a down payment or have lower credit scores than are favorable with conventional lenders. The Federal Housing Administration (FHA) does not issue the loan – rather it insures the loan for other financing institutions. The program opens up homeownership to many people that would otherwise be unable to afford it, including large numbers of first-time home buyers.

FHA Condo List As Of: January 29, 2009

The major benefits of an FHA loan are:

• Smaller Down Payment
• Easier Credit Qualifications
• Lower Monthly Payments

Find out more about mortgage shopping in our mortgage section.

FHA-insured loans require as little as 3.5% down to purchase a property. The smaller down payment is an essential element in making home purchases affordable. This mainly helps buyers who have sufficient income to cover monthly mortgage payments, but don’t have the savings to put down 20 percent for a conventional loan.

Borrowers with flawed credit scores have an easier time getting FHA loans than traditional ones. Even those who have previously filed for bankruptcy can qualify. Because the mortgage is backed by a government agency, lenders do not have to compensate for the possibility of the borrower defaulting – even if the borrower’s risk rating is heightened by poor credit.

Normally a higher risk of default would compel lenders to issue increased mortgage rates. However, as government-insured mortgages, FHA loans typically have interest rates competitive with other lenders. Lower rates help keep monthly mortgage costs down and make home purchases more affordable in the long term.

FHA loans can be used to purchase residences with 1 – 4 units. This includes everything from detached single-family houses to mobile homes. When buying a condo or townhome the building must be FHA-approved in order to get an FHA-insured loan. Many residential complexes in Chicago are already FHA-approved, however, if the property you’re interested in buying is not, spot approval can be granted. The building must meet a certain criteria outlined by the FHA.

Download an FHA Spot Loan Approval Checklist!

The Federal Housing Administration has been around since the 1930s. It became part of the U.S. Department of Housing & Urban Development (HUD) in 1965 and is now said to be the largest insurer of mortgages in the world. Over the years, the FHA has insured more than 34 million mortgages. After loosing popularity in the 1990s the FHA loan has made a comeback and is currently insuring over 4.8 million home loans.

FHA Building Approval ( By Neighborhood )

Albany Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
3553- 3559 W. Montrose		Approved	60618

Andersonville Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5235 N. Ravenswood Ave	Map Factory Lofts	Approved	60640
1410-1412 Bryn Mawr		Approved	60660
1648 W Hollywood		Approved	60660

Austin (North)/Austin (South) Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5301-05 W Lemoyne (North Austin)	5301-05 W. Lemoyne Condominium	Approved	60651
5301-05 W Lemoyne (North Austin)	5301-05 W Lemoyne Condominium	Approved	60651
5424 W Ferdinand (Austin)	Merrick Park	Approved	60644

Beverly Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
2030 W 111th	Terrace Place West Condominium	Approved	60643

Bronzeville Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5026-28 S Michigan		Approved	60615
4904-4906 S Vincennes		Approved	60615

Bucktown Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1720 N Marshfield	Marshfield Park Condominium	Approved	60622
2210 West Wabansia	The Pinnacle Lofts Condo	Approved	60647

Want More FHA Information? Contact Us Directly.

Buena Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
700 Bittersweet		Approved	60613

Clearing Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
6925-35 W 64th Place	Courtyards Ii	Approved	60638
6807-11 S Pulaski	Courtyards I	Approved	60629

Edgewater Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1646-50 W Edgewater	Anderson Villas	Approved	60660
1248-1254 Thorndale		Approved	60660
1431-33 W Rosemont		Approved	60660
5206 & 5210 N Winthrop	North Winthrop Condominium	Approved	60640
6171 N Sheridan		Approved	60660

Evergreen Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
2728 W 87th Street		Approved	60552

Gage Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5914-20 S Kedzie	Kedzie Condominiums	Approved	60629

East Garfield Park/West Garfield Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
105 N Pine Court		Approved	60644

Gold Coast Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
175 E Delaware Place	John Hancock	Approved	60611
1540 N Lasalle	Lasalle Terrace	Approved	60610
1250 N Lasalle		Approved	60610

Hyde Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5201-09 S Ingleside		Approved	60615
5252 S Drexel	Eaglebrook Condominiums	Approved	60615
900 E 62nd	6153 S Drexel	Approved	60637
2301-47 E 70th Place	Park Waters Condo	Approved	60649
313-315 E 60th Street	Prairie View Condominiums	Approved	60637
5471 Hyde Park Blvd	Watergate East	Approved	60615
1501 E 65th St	Varsity Park	Approved	60637
5213 S Ingleside	Ingleside Condominiums	Approved	60615
5018 S Woodlawn		Approved	60615
5125-31 S Greenwood		Approved	60615
5455-5463 Ingleside		Approved	60615
4705 South Champlain	The 4705 South Champlain Avenue	Approved	60653
5021 S Drexel		Approved	60615
5614-16 S Blackstone		Spot Approval	60637
1000 E 53rd	Renaissance Place At Hyde Park	Approved	60615
700-702 East 51st St	Parkview Luxury Condos	Approved	60615
5121 Drexel	Drexel Square	Approved	60653

Want More FHA Information? Contact Us Directly.

Lakeview Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
3151 N Lincoln	Lincoln Lofts	Approved	60657
444-446 W Oakdale		Approved	60657
339 W Barry		Approved	60657
330 W Diversey	Commonwealth Plaza	Approved	60657
626-630 W Waveland	Waveland Gardens Condominiums	Approved	60613
636 W Waveland	Waveland Courts Condominium	Approved	60613
2930 N. Sheridan	Aquilo	Approved	60657

Lincoln Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
2020 Lincoln Park West	2020 Lincoln Park West	Approved	60614
2754 N Hampden Ct	Hampden Tower Condominium	Approved	60614
1667 N Bissell		Approved	60614
1960 Lincoln Park West	Lincoln Park Tower	Approved	60614
2322-30 Lincoln Park West	Brighton Of Lincoln Park	Approved	60614

Logan Square Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
2161 N California	St George Lofts	Approved	60647
2654 Medill	Medill Street Lofts	Approved	60647
2534-42 N Kedzie	Redgate Court Condominiums	Approved	60647
3563 W Lyndale		Approved	60647
2345 W. George	Riverwalk Townhome Condominium	Approved	60618

Loop

Building Address	Building Name	FHA Approval	Zip Code
222 N Columbus	Park Millennium	Spot Approval	60601

New Eastside Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
155 Harbor Drive	Harbor Point Condominiums	Approved	60601

Old Irving Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
4337-43 N Kedvale	Kedvale Terrace	Approved	60641

Old Town Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1660 N Lasalle		Approved	60614

Portage Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5805 W Eddy	Menard Condominiums	Approved	60634

Printers Row Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
124 W Polk	Folio Square Condominium	Approved	60605
621 S Plymouth Ct	Moser Loft Condo	Approved	60605
523 S Plymouth		Approved	60605
801 S Plymouth		Approved	60605

Want More FHA Information? Contact Us Directly.

Ravenswood Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
4546 N Greenview		Approved	60640

Rogers Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
6933 N Kedzie	Winston Towers	Approved	60645
1441 W Farwell		Approved	60626
6426 N Ridge	Ridge Village	Approved	60626
6325 N Sheridan	Sheridan Point	Approved	60660
6033 N Sheridan	Malibu East	Approved	60660
1901-03 W Lunt	North Sheridan Condominiums	Approved	60626
6964-70 N Wolcott	North Sheridan Condominiums	Approved	60626
6220 N Ridge	Emerson Park	Approved	60660
6166 N Sheridan	Granville Towers Condominium	Approved	60660
6550-52 North Glenwood		Approved	60626
7715-21 N Hermitage	Birchwood Courts	Approved	60626
1791 W Howard St	Renaissance Lofts	Approved	60626
2654 W Lunt Ave	Lunt At The Park Condominiums	Approved	60645
2200-2206 W Granville	Twin Gables	Approved	60659
6969 N Ashland		Approved	60626
7120 N Sheridan		Approved	60624
1549 W Sherwin		Approved	60626
7446 N Damen		Spot Approval	60626

River North Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
70 W Huron	The Hermitage Condominiums	Approved	60610
300 N State	Marina Towers	Approved	60654

River West Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
345 N Canal	Fulton House	Approved	60606
525 N Ada	Ada Street Lofts	Approved	60622

Sauganash Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
5360 N. Lowell Ave	River'S Edge Condominium #1	Approved	60630

South Loop Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1515 S Michigan	1515 S Michigan Ave Condominiums	Approved	60605
40 E 9th	Burnham Park Plaza	Approved	60605
1516 S Wabash	Landmark Lofts Condominiums	Approved	60605
1632 S Indiana	Bicycle Station Lofts Condominiums	Approved	60616
1720 S Michigan		Approved	60616

South Shore Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
2051-61 E 72nd St		Approved	60649
2051-61 E 72nd St		Approved	60649
7363 S Shore Dr		Approved	60649
6700 South Shore Drive	Quadrangle Condominiums	Approved	60649
2370 E 71st	Lakeshore Pointe Condominium	Approved	60649
6730 S South Shore Dr	Lakefront Place Condominiums	Approved	60649
6740 S Olgesby		Approved	60649

Streeterville Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
233 E Erie	Streeterville Center	Approved	60611
253 Delaware	East Delaware Condominium	Approved	60611

University Village Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1110-1150 W 15th Street	University Commons V	Units Approved	60608

Uptown Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
858-60 W Lakeside		Approved	60640
912-914 Leland	Leland Circle Condominiums	Approved	60640
700 W Bittersweet		Approved	60613
4630-40 N Racine	Racine Courts At Sheridan Park	Approved	60640
5445 Sheridan	Edgewater Plaza Condominium	Approved	60640
5230 N Kenmore	The Provenance Condominium	Approved	60640

West Loop Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
728 W Jackson	Haberdasher Square Lofts	Approved	60661
14 N Sangamon	Art House Condominium	Approved	60607
420 &Amp; 426 S Clinton	Gotham Lofts Condominium	Approved	60607
411 S Sangamon	Sangamon Loft Condominium	Approved	60622
6 S Laflin		Spot Approval	60607

Wicker Park Neighborhood

Building Address	Building Name	FHA Approval	Zip Code
1565 N Hoyne		Approved	60622
1259 N Wood	Cityview Lofts Condominiums	Approved	60622

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