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 a condo. If the project is not FHA approved, the resale and refinancing of the units is severely limited. While their might be other options, they will be a lot more expensive.

HUD has granted an extension on the project expiration dates outlined in their memo sent out on December 8th, 2010. They also mentioned that no further extensions will be granted.

Chip Allen

Crestline Mortgage Bankers

A Division of Universal Lending Corp

Direct: 303.947.2109

Fax: 303.987.0676

Loanchip@hotmail.com

Your Lender for Life!

When people you care about need a mortgage,

for purchase or refinance, please do not keep me a secret.

Click here to Get started searching for YOUR Colorado Dream Home.

 

2 Comments on Is Your Townhouse a Condo?

DEC
16
2010
741,659 Points 18 Featured Posts Outside Blog Called Shot Master

Dan,

It is such an important distinction, and missed by many folks, agents and consumers alike.
6:51am • #1

People are always shocked when I tell them that a condo does not have to be an apartment style.  
6:52am • #2


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Resized-re Rainmaker_large

Daniel Polimino

Greenwood Village, CO

More about me…

Keller Williams Realty DTC

Address: 8400 E Crescent Pkwy #300, Greenwood Village, CO, 80111

Office Phone: (303) 893-3200

Cell Phone: (303) 522-1161

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog