The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. These properties are not for sale by the FHA. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields.
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Without approval to allow FHA financing in your development, you could lose a significant portion of your targeted audience. Was your Development FHA Certified at One Point? An important factor regarding FHA certification for condos is the fact that the approval does not last forever. In fact, it is only good for 2 years.
However, in order to purchase an FHA approved Condo, the condo must first have been approved by the Federal Housing Administration; this rule does not have any exceptions. For a homeowner with an FHA loan, that loan is assumable and with today’s historically low rates, a condo purchased with an FHA loan will be in demand as rates climb.
FHA Approved Condominiums. Condominium associations with insufficient reserves or lower than 50 percent owner occupancy, for example, are not eligible for FHA approval. FHA borrowers seeking to purchase a condominium may have fewer options due to the FHA’s stringent condominium approval guidelines.
A home may be rejected if it does not meet guidelines specific to the property type. For example, FHA loans for condominiums can only be made on condos that are in HUD-approved complexes.
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Note that getting a condo FHA-approved is not the home buyer’s responsibility. Typically, the responsibility falls to the developer of the condo or an agent for the developer.
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Condo projects may not be FHA approved if they contain restrictive requirements, agreements, or covenants that prevent the owner from freely disposing of the condo unit at any time. The "right of first refusal" clause in some condo owner association agreements can be problematic for FHA borrowers.
The spot loan program allows homebuyers to purchase a unit in a condo project or building that has not been approved for FHA financing. Halting the spot loan program effectively puts 90% of condo.
Just because a condominium project is not on this list of approved complexes does not mean financing is not available, it just means that a buyer may not obtain an FHA mortgage on the unit..
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