Spectrum in Falls Church Gets FHA Financing

• August 14th 2009

by Will Smith

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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).

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.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/spectrum_in_falls_church_gets_fha_financing/1238.