Check If That Condo Is FHA /VA Approved!
Financing a condo can be very tricky. And getting trickier! Also Fannie and Freddie have tightened guidelines. Sally has given a great site to check out FHA and VA approval for complexes. Read On.............
With the changing times in our housing market came big changes altogether for FHA and VA loan criteria. The biggest stunner was the condo/townhouse complexes that used to be FHA or VA approved; but alas no more.
Don't wait until after you get into contract to get shocked that the condo/townhouse is no longer approved by FHA or VA. Get your homework done and check before you list that property and check before you write that contract for your buyer.
You can get lists of complexes for FHA approved condo/townhouses/homes/communities for any state at this site: FHA approved homes and communities and this site is for VA approved condos.
The owner occupancy rate of 51 % is the biggest determination for the condo being approved as well as the insurance coverage. Ask your lender if they are able to determine project eligibility, review project documentation and certify if that property is not FHA/VA approved.
Be proactive before you list a property or write a contract.
Find out more from a lender and do your homework.
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