CONDO APPROVALS If you own or are looking to buy a Condo/Townhome with an association or management fee collected, you will want to be aware of a potential issue regarding financing. The majority of lenders will require that the condo association provide proof of financial stability and other reporting before you can obtain mortgage financing. FHA maintains a list of approved associations, but the list contains only about 25% of all condos! Many of the previously approved condos had their approvals revoked or expired in 2011 & they failed to re-apply, or could not qualify. Realtors & owners/buyers can look here to see if their condo is approved: https://entp.hud.gov/idapp/html/condlook.cfm (This is the official HUD site.) or http://www.fhaapprovedcondomap.com/east-coast/ (this is a g...
Comments
2