Approved FHA Condo List for Arizona

By
Mortgage and Lending with Joe Mortgage - Precision Mortgage Inc. NMLS 217716 AZ LO0911403

Approved FHA Condo List for Arizona.  Get approved to buy a condo in Arizona with Joe Hansen @ VIP Mortgage.  When buying a condo with FHA financing in Arizona the condo must be approved through HUD.  We offer Condo financing on FHA homes in Arizona, please contact us today for your pre-approval letter. We offer a low interest rate for FHA loans on condo’s in Arizona.FHA approved Condo Arizona,  COndo FHA approved List Arizona

 

 

We offer FHA financing for condos in Phoenix, Peoria, Glendale, Surprise, Avondale, Sun City and the entire state of Arizona.  FHA requires that condo associations are on their approved condo list prior to allowing financing.

Even if a condo in Arizona is on with FHA’s approved condominium list on their website.  A condo questionnaire must be completed and there are still some traps that could result in the condo not being approved:

At least 50% of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.

No more than 15% of owners are more than 30 days late on condominium fees in Arizona

No more than 10% of the units are held by a single investor

At least 50% of the total units must be sold prior to endorsement of any mortgage on a unit. Valid pre-sales include an executed sales agreement and evidence that a lender is willing to make the loan.

If you would like additional guidelines on FHA financing for Condos in Arizona CLICK HERE

If you wish to buy a home on the FHA approved condominium checklist in Arizona please contact Joe Hansen @ VIP Mortgage today and get approved today!

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Rainmaker
811,075
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

great info Joe!  I know in my area you need to check pretty regularly - they are being updated frequently.

Feb 08, 2012 10:22 AM #1
Rainmaker
126,582
Will Handley
Progressive Inspection Service - San Juan Capistrano, CA
Certified Master Inspection Services

Great post. Here in California, condo developments are losing their FHA Certifications left and right. It is the kiss of death for some associations if they lose the ability to obtain FHA financing on their properties.

High % of tenant occupied properties and delinquent dues far in excess of acceptable levels appear to be the main issues.

Laguna Niguel, Dana Point, Mission Viejo, Lake Forest and Aliso Viejo are loaded with developments that see "All Cash" investors as their primary buyer demographic. It's amazing how many home inspections I perform for investors. Must be a substantial % of transactions. 

Feb 08, 2012 10:49 AM #2
Rainer
83,996
Joe Hansen
Joe Mortgage - Precision Mortgage Inc. - Phoenix, AZ
Joe Mortgage Team

Robert - I agree this is always changing.

Will - This is the biggest challenge.  Many think just because the condo is on the approved list everything is good to go but with today's market it's just the starting point and so many other factors are disqualifying these condo's for FHA financing.

Feb 08, 2012 10:57 AM #3
Anonymous
Michael Weeden

For an updated list of FHA approved condos in Phoenix area checkout http://www.homebuyerwise.com/FHA-Approved-Condos/city/Phoenix-AZ_1619 for 24/7 access. Unfortunately the HUD site is down in evenings and on weekends when people need it most. Most other sites have data that is out of date.

Feb 13, 2015 10:51 AM #4
Anonymous
Susan

You would think that the communities in Arizona for people 55 and over,would make FHA Loans more available, such as reverse mortgages, which would help out senior citizens greatly

Jun 18, 2016 10:30 PM #5
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Rainer
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Joe Hansen

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