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
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
Have 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.