Special offer

FHA/VA does not lend on all Condos/Townhomes/PUDS

By
Mortgage and Lending NMLS# 9362 LO.012547.001

As always I inform all my pre-approved  FHA/VA buyers when looking for condo's to call me before making contract to verify the complex is approved. The buyer called me with the condo information just to be reasured it was on HUD's approved list.

Now with the new FHA limits more Condo facilties will not be qualified. Be sure to be infomred.

 Always know if your buyers eyes are on the correct prize.  Condo List

Another important item would be if the condo is not approved can you apply for a "spot loan approval" which could be applicable to a condo, townhouse or PUD.

The information is at our finger tips lets stay informed.

Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
Is this true for all states? I did not know that a condo/townhome community had to be on FHA/VA's approved list. What makes a development not meet their criteria?
Mar 16, 2008 09:14 AM
David Soto - Illinois Home Loans & Mortgages
Illinois Home Loans & Mortgage Refinance - Chicago, IL

everything nowadays is changing, i recently read an article where lenders have different rule and requirements for areas with high foreclosure rates

Mar 16, 2008 09:19 AM
Steven Fishman
Independence, OH

Heather

Yes it is nationwide. The approval is based on the homeowners association, vacancy's, ownership, rentals and other factors.

Mar 16, 2008 09:20 AM
Steven Fishman
Independence, OH

David

Each lender is changing the rules as they go along. This climate is new to most of us and we are trying to adapt.

Mar 17, 2008 03:12 AM