If you want to purchase a property within one of Downtown San Diego condominium developments, you might choose to use an FHA loan because of the low down payment requirement (3.5%). Prior to last week, FHA condominium approvals could be issued on a "spot approval basis", meaning a HUD-approved lender could approve a loan regardless of the FHA complex approval. That practice has been discontinued.
Veterans choose to use a VA home loan because there is no down payment requirement. Like FHA's amended policy, VA home loans can't be approved if the complex isn't. VA, however, accepts the FHA approval and grants reciprocity. FHA-approved condo complexes in Mission Valley will have explicit reciprocity by the VA.
The following Downtown San Diego condo complexes are approved for both FHA and VA loans (as of 8/6/2009):
- Park View
- The Park at Tenth Avenue
- Terrace Village
- Park Row
- Park Terrace East Village
- Solara Lofts
- Union Square at Broadway
This information is not guaranteed for accuracy. FHA condominium approvals can be searched at the HUD portal and VA condominium approvals can be searched at the VA portal. It is advised to search at the portal before visiting the complex.