It surprises a lot of buyers when they hear that a condominium will not accept FHA financing and will only accept Conventional or cash.
Before you think about purchasing a condo in Illinois, go to https://entp.hud.gov/idapp/html/condlook.cfm and type the city you are interested in purchasing a condo.
In Joliet, only 12 are on the condo list and unfortunately, SEVEN of those 12 have expired status! That means there are only 5 condominiums in Joliet that will accept an FHA buyer.
In Plainfield, 10 condominiums are on the list BUT SIX have recently expired leaving only 4 on the approved list.
Before you look at condos, pull up this list and confirm the area you are looking in, will accept your FHA financing!