Condo Certification for FHA Financing-Don't Assume!!!

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Real Estate Broker/Owner with KTHOMES, LLC 100002367

CondominiumIf you are looking to purchase a condo in the Denver area, or anywhere else in the U.S., for that matter, make sure it is certified for FHA Financing before you fall too much in love with it.  Today in the Denver Post there is a very interesting article relating to condo developments being certified and approved for FHA financing for potential new buyers.  If you have other options like paying cash or going conventional, this factor won't stand in the way of your purchase.  But if FHA is your only option, be aware!  Two of the main requirements is that at least 50% of the units must be owner occupied and not more than 15% of the current owners can be more than 30 days delinquent in paying their HOA fees.  If these two factors exist, the condo development probably is not approved for FHA financing.  Check out the entire article here from the Denver Post.

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Rainer
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Brad Troendle
PNC Mortgage, a Division of PNC Bank - Washington, DC

Hi Karen and Rhonda-

Great post.  This got a client and I a huge delay waiting for PNC Bank (my employer) to approve the project FHA.  If you are in that situation again and the client really wants the place and can only use FHA, contact a Bank and experienced loan officer that knows condo project approval to approve it FHA.  Once approved, the downside is you will only be approved through the bank that re-approved it...unless approved again directly by FHA.  Good for the bank...not necessarily the consumer for rate shopping purposes.

Best,

Brad

Jan 25, 2012 11:19 AM #1
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Rainmaker
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KAREN THOMPSON, GRI, REALTOR

Colorado Homebuyer Pro
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