Ah! Condos & FHA loans! A fun adventure 🙂
If you are looking to buy your first home, you may be looking for a condo! If you are doing an FHA loan- which will be very likely, you need to ensure that the condo project has “FHA Approval” to get your loan to go through.
What exactly is this, and why is it important?
FHA approved condos meet the US Department of Housing and Urban Development (HUD)’s property eligibility requirements. If you want to buy a condo with an FHA loan, the condo must meet the requirements and be on the FHA Condominium Approval List. Condo associations must apply to have their project added to the list.
There is a government website I use all the time to verify that these condos are truly FHA approved, since it is a big deal! https://entp.hud.gov/idapp/html/condlook.cfm
We have noticed a lot of projects lately that have pending or active litigation against the HOA &/or builder. Condos are a trickier beast, so this is another reason it is so important to have an experienced lender & REALTOR helping you! 🙂
