Do You know If Your Condominium Complex is FHA Approved?
By Chris Canfield, Homes for Sale in Oro Valley and Tucson, Arizona
(Coldwell Banker Residential Brokerage)
Do You know If Your Condominium Complex is FHA Approved? With so much financing being done today with FHA or CHFA (in Connecticut), it is imperative than your condominium complex has the necessary approvals to allow for this type of financing. Once upon a time (prior to January, 2010), if a condo complex was not on the approved list, a spot check could be done; and as long as certain criteria was met, FHA financing could usually be completed. However, this is no longer the case. If condo complexes are not approved, sales of units can take a dramatically longer time. Rather than the need for just 3.5% down and the closing costs for an FHA or CHFA loan, a buyer securing conventional financing would need to come up with 20% down plus closing costs. This puts non FHA complexes out of t...
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