Not all Condominiums are FHA Approved or Approvable!
Many of you might be thinking of purchasing a condominium which fit into the FHA mold (great for 1st time buyers / priced under 440K) and need the FHA program - (down payments < 5% or 10%, marginal credit)
It is very important that you find out if the condominium is FHA approved. Please follow the link attached. You might want to save it on your internet browser. Getting a "Spot" approval is not easy! For a SPOT approvals, in addition to a list of requirements, lenders need to verity the Total number of FHA loans in the project-which is very difficult to determine.
https://entp.hud.gov/idapp/html/condlook.cfm
IMPORTANT: YOU MUST ALSO VERIFY THAT THE CONDO IS AT LEAST 51% OWNER OCCUPIED for FHA financing - even if it is on the list - the 51% is still a requirement.
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