Quite update: The new condos at the corner of Mission, Cesar Chavez and Bartlett Streets known as 555 Bartlett are now FHA Approved!
This means you can buy a new condo in the Mission with as little as 3.5% down payment. Add in the fact that we can (most likely) negotiate a credit for closing costs and you’ve got a very good deal on your hands.
For example, right now I have clients buying a condo in San Francisco with a FHA home loan. They are putting down 3.5% of the purchase price as their down payment. There closing costs are about 2-2.5% (FHA home loans have higher closing costs). We negotiated this amount into the sales price so essentially, my clients have zero closing costs. 3.5% down payment to own a really nice 2 bedroom, 2 bath brand-new condo with parking in SF? OPM, baby!