Is Your Townhouse a Condo?

Real Estate Agent with Keller Williams Realty DTC

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 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

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.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Colorado Denver County Denver
fha financing
universal lending
dan polimino
fuller sothebys
chip allen
crestline mortgage bankers

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate


It is such an important distinction, and missed by many folks, agents and consumers alike.

Dec 15, 2010 10:51 PM #1
Laura Strunk
Keller Williams Realty Centre - Ellicott City, MD
Howard County Maryland Realtor

People are always shocked when I tell them that a condo does not have to be an apartment style.  

Dec 15, 2010 10:52 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Colorado Dream House Team

Real People. Real Professionals. Real Estate
Ask me a question
Spam prevention