The FHA, along with Freddie Mac and Fannie Mae have made loans for condominiums harder to get. The FHA rules kicked in 7 December, and the Fannie and Freddie changes occurred earlier in the year. The rules change frequently enough, that it’s frankly hard to keep up with them. Still, condos are selling and people do get loans on them. The solution: work with a loan officer and realtor that understand condos.
In Eugene Springfield, plan on spending between 100K and 150K for a condo. There are units for more or less, but those are good budgetary numbers. Make sure to look at the HOA dues–some complexes are pretty high. If you’re interested in condos, give me a call at 517-6543.