Great news for the Cotton Mill Condos. In todays market, financing a condo is tough. Fannie Mae and Freddie Mac have tightened their guidelines with respect to condo financing. FHA is a type of loan that helps first time home buyers qualify for their first purchase. Typically condos are not FHA approved (there are some that are) and in order for a buyer to qualify with an FHA loan for a condo would require what is called a “spot approval.” Now spot approvals are a things of the past, which makes it even tougher for first time home buyers to buy a condo.
Being that the Cotton Mill is FHA approved, I expect sales to pick up in the building. The marketability of the Cotton Mill has changed over night. If you are looking for a condo in a great location, Cotton Mill is it. Centrally located in the heart of the warehouse district of New Orleans, this address is hot. Condos here range in price but the entry point is close to $175,000.00 at the time of this blog post.
If you would like more information on the Cotton Mill, give us a call and we can send you a market snap shot of this building.