townhouse: Is Your Townhouse a Condo?
- 12/15/10 10:43 PM
We usually think of a condominium as having other units either above or below and a townhouse as having other units on one or both sides. Appearances can be deceiving. If the legal description says condo, that is what will be used for mortgage purposes. The reason this is important is that the standards are more stringent when the property to be financed is a condo. To check and see if a project has been approved by HUD go to https://entp.hud.gov/idapp/html/condlook.cfm. The importance of a condo project being eligible for FHA financing can not be overemphasized. FHA is the most common type of mortgage used for purchasing or refinancing … (2 comments)
We usually think of a condominium as having other units either above or below and a townhouse as having other units on one or both sides. Appearances can be deceiving. If the legal description says condo, that is what will be used for mortgage purposes. The reason this is important is that the standards are more stringent when the property to be financed is a condo.
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