Here is a nice link for you to search to see if the condo or townhome that you are looking to purchase is on the approved FHA condo list. Just click here https://entp.hud.gov/idapp/html/condlook.cfm.

The link allows you to search FHA approved units by name, location, or status. What does it mean if your condo or townhome is not found on the list? Well, it probably means that you won't be able to secure FHA financing on that particular unit. There may be an exception or two.....

The guidelines are very strict concerning what is approved and what is not. Below is a short list of items that must be met in order to be approved.

1. Condominium or townhome is complete with no ongoing or anticipated addition of any units or common areas
2. Unit owners have had control of the common area for at least one year
3. The condominium association has proof of hazard, liability and flood insurance coverage
4. Unit is owned fee simple
5. There are no restrictive covenants or provisions restricting conveyance of the unit
6. A minimum of 90% of the units in the project have been sold 51% or greater of the units in the project are owner occupied
7. No single entity owns more than 10% of the units in a project with more than 30 units
8. No single entity owns more than 20% of the units in a project with less than 30 units

Please email me if you have any questions on how to use this tool or any other mortgage related questions. You can email me at Tino.Muratore@gmail.com.

Have a great day!