I have done some analysis of FHA condo loans that are included in the purchase and refi loan totals for Oregon for the first half of CY 2011. That data is in the two page table HERE.
My impression has been that FHA was one of the few lending sources for condos but the low count of FHA condo loans in the first half makes me wonder if other lending sources are being used or if there is continuing difficulty in obtaining condo financing. [Full disclosure-I have only lived in condos during my home ownership years].
Some observations about first half FHA condo loans in Oregon:
- There were only 151 home purchase condo loans insured.
- Only 10 FHA condo loans were made outside of the 3 county Portland metro area. Those 10 loans included 7 purchase loans and 3 refinance loans; of the 7 purchase loans outside the Portland metro area 3 (43%) were in Klamath county/Klamath Falls.
- There were 202 condo loans of all types made in the 5 Portland metro counties out of a universe of 3,720 home purchase and refinance loans in those same 5 counties.
- FHA condo loans of all types represented only 3.1% of the statewide total of FHA purchase and refi loans (excluding HECM's), that share increased slightly to 5.4% of the FHA purchase and refi loans in the 5 county Portland metro area.
- For FHA home purchase loans, condos represented 3.5% of statewide all home purchase loans, and 6.1% in the 5 county Portland metro area.
- Washington county had the largest county count of condo loans, with 101.
- Portland had the largest city count of FHA insured condos with 113 (34 of these were in Washington county, 4 were in Clackamas county, and 75 were in Multnomah county).