Find Your Dream Condo Without the Disappointment. If you will be using an FHA-backed loan and you’ve decided to purchase a condo, don’t set yourself up for disappointment by viewing condos that aren’t approved. To make sure the condo you are about to tour is approved, search for FHA-approved condos on HUD’s website.
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Keeping it 100: You may face some disappointments during the home-buying process. But shopping with an FHA loan and falling in love with a condo only to find out that the complex isn’t HUD-approved may be the worst.
In the past, you could file paperwork on a case-by-case basis to have your condo or a condominium complex approved by the FHA. As of 2011, you can only apply for financing on a condo loan if the entire condo complex has already been approved by the FHA.
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That means most condo buyers couldn’t take advantage of the low down payments and other benefits FHA loans can provide. (Here’s how to tell if an FHA loan is right for you.) The catch for condos is.
FHA financing can help you buy a home with a low down payment. If you buy a condo, though, you’ll have to make sure it’s FHA approved. If it’s not, the process could be delayed. In some cases, you may not be able to secure financing at all. Find out why FHA approval is so important and why you should ask about it first.
What are fha-approved condos?. meet the specific requirements of the U.S. Department of Housing and Urban Development and can be purchased using an FHA loan. If you’re looking to buy a condo.
If you’re toying with the idea of buying a condo with that FHA-backed loan, do yourself a favor and check out HUD’s list of certified communities. Then, avoid looking at those that aren’t on the list. You’ll find the online database, here.
If a condo association is not on the FHA’s approved list of condos, then FHA financing is not allowed there for any borrower. However, if approval did exist when you originated your FHA application and you were assigned an FHA Case Number, then you will more than likely be able to close on the loan as long as the following requirements are met.