Which Oakland Condominium Buildings (Condos) Qualify for FHA Loans?

Close to half of all condo sales in Oakland in 2010 utilized FHA backed loans.  Though FHA guidelines have gotten a bit more conservative, most borrowers that meet FHA guidelines with credit scores above 680 qualify. 

The loan limit for single family homes (including condominiums) in Alameda County, as of 6/7/2011, remains $729,750.  In 2010, condominiums sold for an average of less than $300,000, so most condominiums qualify for FHA financing, right?  Wrong.

It has become a bigger challenge for a condominium building to qualify for FHA financing than for the borrower to qualify due to the condo building approval process implemented by the FHA.

As of 5/23/2011, there were 42 condominium buildings in Oakland that are approved by the FHA.  Here is a list of those buildings:

  1. 1755 Broadway, Oakland, CA 94612
  2. 360 Vernon Street, Oakland, CA 94610
  3. 3738-3740 Laguna Avenue, Oakland, CA 94602
  4. 407 Orange Street, Oakland, CA 94610
  5. 525 Mandana Boulevard, Oakland, CA 94610
  6. 532 30th Street, Oakland, CA 94609
  7. 55 Fairmount Avenue, Oakland, CA 94611
  8. 590 El Dorado Avenue, Oakland, CA 94611
  9. 666 Oakland Avenue, Oakland, CA 94611
  10. 77 Fairmount Avenue, Oakland, CA 94611
  11. 423 7th Street (8 Orchids), Oakland, CA 94607
  12. 926 Chester Street (Chester Street Lofts), Oakland, CA 94607
  13. 127 Bayo Vista Avenue, Oakland, CA 94611
  14. 1411 Center Street (Cigar Factory Lofts), Oakland, CA 94607
  15. 455 Crescent Street, Oakland, CA 94610
  16. 460-468 Crescent Street, Oakland, CA 94610
  17. 3721 Fruitvale Avenue (Diamond Park Townhouses), Oakland, CA 94602
  18. 424 Orange Street, Oakland, CA 94610
  19. 330 13th Street (Golden Bridge Lofts), Oakland, CA 94612
  20. 388 Santa Clara Avenue, Oakland, CA 94610
  21. 322 Hanover Avenue, Oakland, CA 94608
  22. 3403-3409 Haven Street (Haven Street Lofts), Oakland, CA 94608
  23. 2316-2324 Lakeshore Avenue, Oakland, CA 94606
  24. 10 Moss Avenue (Manor Park), Oakland, CA 94610
  25. 585 9th Street (Market Square), Oakland, CA 94607
  26. 7100 Mountain Boulevard (Monte Vista Villas), Oakland, CA 94605
  27. 4504-4508 Montgomery Street, Oakland, CA 94611
  28. 425 East 11th Street (Mutual Creamery Lofts), Oakland, CA 94606
  29. 567 Oakland Avenue, Oakland, CA 94611
  30. 1201 Pine Street (Pacific Cannery Lofts), Oakland, CA 94607
  31. 989 Webster Street (Pacific Renaissance Plaza II), Oakland, CA 94607
  32. 565 Bellevue Avenue (Park Bellevue Towers), Oakland, CA 94610
  33. 180-320 Caldecott Lane (Parkwoods Condos), Oakland, CA 94618
  34. 740 Canyon Oaks Drive, Oakland, CA 94605
  35. 288 Whitmore Street (Rockridge Manor), Oakland, CA 94611
  36. 388 Santa Clara Avenue (Santa Clara Commons), Oakland, CA 94611
  37. 401 41st Street (Temescal Station), Oakland, CA 94609
  38. 222 Broadway (The Ellington), Oakland, CA 94607
  39. 320 Lee Street, Oakland, CA 94610
  40. 3825 High Street (Villa Del Lago), Oakland, CA 94619
  41. 1695 15th Street (Willow Court Lofts), Oakland, CA 94607
  42. 1219 Wood Street (Zephyr Gate), Oakland, CA 94607

 If you are interested in obtaining an FHA loan for a condo project that is not on th list, it is possible to get a condo building approved.  I am happy to assist with this process.  It requires, among other things, the approval of the home owner’s association.

If you are interested in purchasing a condo in the East Bay with an FHA loan or getting your building approved for FHA financing, please feel free to contact me to discuss.

We also have a good place for you to see what listings are available in most of these buildings:  http://www.caldecott.com/?page=building_directory&buildings.  If you don’t see a building here, drop me a line and I can assist you with more information.

Andy Read
Broker
Caldecott Properties
aread@caldecott.com
510.594.2400 x 222

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2 Responses to “Which Oakland Condominium Buildings (Condos) Qualify for FHA Loans?”

  1. jglynn Says:

    Andy-

    Do you know off-hand if any of these buildings have units valued up around 650k or higher?

  2. FHA Loans Waco Texas Says:

    -Terms in the riders do not match the mortgage or note.
    Rent a room in your home and earn up to £4,250
    tax-free income a year. Property owners should conduct due diligence to ensure buyers possess the
    financial means to pay future loan installments.

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