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Answers (10)
- Ken Tribble, "Ken Tribble"
- Contributions:25
I know of very few condo associations that care about the type of financing involved in a purchase. If you are asking how do you know if the condo is FHA approved, that is a different story. The short answer is to ask your lender. Even then the association could have too many renters, not enough reserves or other problems that would prohibit FHA financing.
- Michael Emery, "MikeEmery"
- Contributions:7298
@ John
That reminds me of a story about condo association that was primarily elderly folks. They insisted on charging three times the going rate for dues out of fear that something disastrous might occur. The end result was their condo values were significantly diminished and they were impossible to sell.
A local Realtor pleaded with the association to drop the association fees but she was met with deaf ears. They ended up with a massive war chest but were left with depressed condo values. Sometimes it just makes no sense.
That reminds me of a story about condo association that was primarily elderly folks. They insisted on charging three times the going rate for dues out of fear that something disastrous might occur. The end result was their condo values were significantly diminished and they were impossible to sell.
A local Realtor pleaded with the association to drop the association fees but she was met with deaf ears. They ended up with a massive war chest but were left with depressed condo values. Sometimes it just makes no sense.
- Lee Davenport, "Ldavenport"
- Contributions:5
In addition to checking the HUD website, be sure to also contact the HOA and see if you can get any "projections" from them regarding how near they are to reaching their cap for rentals, etc.
- John Stewart, "nwhome.us"
- Contributions:2166
I told you Michael, "No amount of logic..."
FHA allows 51% Owner Occ., conventional allows not less than 75% OO without a hit to the Down Payment?
FHA allows 51% Owner Occ., conventional allows not less than 75% OO without a hit to the Down Payment?
- Michael Emery, "MikeEmery"
- Contributions:7298
I'm currently working with an HOA, however, that refuses to go through the qualification process because they believe that it will limit the appeal to investors wanting to buy in the building.
I'm scratching my head. Don't investors typically offer less than a traditional buyer? WHY would they ENCOURAGE investors to buy into their building?
I'm scratching my head. Don't investors typically offer less than a traditional buyer? WHY would they ENCOURAGE investors to buy into their building?
- David Barr, "dpbarr2000"
- Contributions:280
A better question is do we want the government once again to get involved in low down payment mortgages? And then have private companies jump through hoops to comply with the ever changing regulations, and pass that cost on to the consumer? Didn't we learn anything?
- John Stewart, "nwhome.us"
- Contributions:2166
Two posts in this thread recommend that you look at the FHA website; the caveat is that it is not always up-to-date (hence Micheal's reference to the approvals expiring). But I'd take it a step further to say that the site is not always up to date (oh, did I say that already?) so the most certain avenue is with buyer's lender.
To SoCal: Condo associations need to be approved by the FHA in order for new buyers to qualify for FHA financing in the complex. I'm currently working with an HOA, however, that refuses to go through the qualification process because they believe that it will limit the appeal to investors wanting to buy in the building. No amount of logic will deter them from this perspective. The result is that it is bass-ackward no matter which way you look at it.
To SoCal: Condo associations need to be approved by the FHA in order for new buyers to qualify for FHA financing in the complex. I'm currently working with an HOA, however, that refuses to go through the qualification process because they believe that it will limit the appeal to investors wanting to buy in the building. No amount of logic will deter them from this perspective. The result is that it is bass-ackward no matter which way you look at it.
- SoCal_Engr
- Contributions:5667
Maybe a lender can clarify, but isn't the question a bit bass-ackward? I thought the issue was that FHA would not finance all condos, not that a condo association would not accept/allow FHA financing.
- Michael Emery, "MikeEmery"
- Contributions:7298
Here's the link to HUD for determining whether a condo is FHA approved.
You will have to wait until Monday as the is only up M-F.
FHA approvals do expire so you have to pay attention to expiration dates to ensure that your buyers or sellers aren't misled about qualifying for FHA.
You will have to wait until Monday as the is only up M-F.
FHA approvals do expire so you have to pay attention to expiration dates to ensure that your buyers or sellers aren't misled about qualifying for FHA.
- Darrell Self, "Darrell Self"
- Contributions:349
One source is to go to the FHA website and look for it on the list if is not there it most likely is not approved. The HOA can provide a questionare but there will be a cost associated with it.
What is the best way to find out if a condo accepts FHA? Who do you contact? And who takes care of
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