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.
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!