Want to buy a condo with a FHA loan then listen up!

By
Real Estate Agent with Home Buyers Marketing II, Inc. Broker/Realtor DC,MD/VA

VA Realtors have a new tool they can use to check for FHA approved condo complexes. 

VAREALTOR.com/condocheck  enter zip code or city state and get your answers      condos hampton roads

In May 2011 every condo complex was de certified and forced to reapply for FHA condo certification status. We are finding most became re-certified but a few have not.  What ever the reason according to the Virginia Association of Realtors, "the end result is that buyers who want a unit in the un-certified condos are ineligible for FHA financing-something many seller don't discover until late in the process when they learn that their pool of prospective buyers has shrunk considerably....and because the certification process can take months deals fall through. "

Buyers if you are planning to use FHA financing have your agent check the status of the complexes you want to view preferably before your first initial visit. 

For a condo to meet FHA loan guidelines it must:

At least 50% of the units must be owner occupied

condos virginia beachHave specific Insurance coverage

No more than 25% of the property's total floor area can be used for commercial purposes ( so mixed used developments will not usually qualify)

No more than 10% of units can be owned by more than 1 person or entity.

No more than 30% can be financed by FHA

No more than 15% of the total units can be delinquent on their dues more than 30 days past due.

At least 50% of unit in complex sold. (Can not have more than 50% vacancy)

Must maintain a budget with sufficient funds for maintainace of the common areas and required condo project.

If you are interested in buying a condo, condo complex or single family home zoned condo in Hampton Roads then contact me.

 

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Call me to buy a home in any Washington DC Metro area including Northern VA & Maryland,  areas including Fairfax, Prince William, Loudoun, Fauquier, Stafford Counties, Anne Arundel, Prine George's, Charles, and Montgomery Counties.                                     

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Deandrea "Dee Dee" Jones                                                          

Broker/ Realtor  Serving Washington DC &MD/ Northern VA 

Home Buying Marketing II, Inc.

http://DJonesRealEstate.com

djoneshomes@gmail.com

 

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Rainer
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Nathan Rufty - 623-850-1210
Canopy Mortgage, LLC - Surprise, AZ
Mortgage Loan Originator at 623-850-1210

It is getting more and difficult to fund a FHA, va, conv loans in condo complexes that are not approved and it seems more and condos are expiring and they do not plan to re-cert themselves to cater to the FHA financing. Do check the FHA website that has all approved condo that a lender can lend in very helpful to do some research if a buyer is looking at a condo to purchase to only look at the ones that are approved to lend in

Feb 13, 2012 01:59 AM #1
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Rainmaker
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DeAndrea "Dee Dee" Jones

The NorthernVARealEstateLady & DMVRealEstateChick
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