Hello Kathleen, excellen post. This is one area most buyers with FHA financing needs understanding of. Even some SFD may not qualify for FHA financing because of the condition.

Kathleen, GREAT post, especially with all the first time home buyers getting into the market.   We have many non-warrantable condos (lofts) downtown, and have to have B of A financing.

Kathleen, I always tell my buyers who are looking at condos to ASK THEIR LENDER first.  Just because a complex allowed FHA financing on a unit 6 months ago, doesn't mean the complex is still on the approval list or APPROVABLE!!!  Great job,as always. 

Kathleen, great Blog Post, many buyers and even some agents are not familiar with this phenomenon!

Kathleen, I have this discussion at least once a week. Many buyers have no idea what a PUD is.

Kathleen, FHA buyers are having a much tougher time in our market as well. This is great advice - condominiums and FHA are not a good mix the majority of the time.

Sharon

It is difficult to find PUDs.  It sounds like there may be a lot of PUDs in your neck of the woods.  

Once again, we are reminded that two candidates for a mortgage. The first is the borrower who must qualify with good credit, steady employment, excellent debt servicing ability, and, in most cases, a down payment. The second candidate is the property the buyer is attempting to purchase. Lenders evaluate the collateral as well as the borrower and not all collateral is acceptable.

Kathleen: That is excellent information to keep in mind if you have a client who needs FHA financing and can't find an FHA approved condo.

Kathleen - very informative blog. Many first time buyers are unaware that condos need to be FHA approved in order to utilize FHA loans. FHA has very stringent rules and regulations regarding the condition and features in a dwelling.

Great post Kathleen. Its always a great idea to check with their lender first before making an offer on a condo if FHA is their only option.

Buyers do not have to worry as much as a condo  about whether a PUD will quailfy for fha but whenevr there is a hoa we have to worry about the financial stability and delinquent dues that may come in the way.

You did a great job of explaining it, Kathleen. Buyers in San Jose should be calling Kathleen Daniels.

Nice post loaded with some good information. Thanks for sharing.   

Kathleen, you've written another good post.  Thanks for writing these as they are informative.