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 30^th 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 7^th 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 13^th 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 9^th 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 11^th 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 41^st 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 15^th 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