FHA Finance & Condos

Here's what you need to know about getting an FHA loan for a condo:

FHA requires that a condo is FHA approved.  You can go to the FHA-approved condominium projects site at:  https://entp.hud.gov/idapp/html/condlook.cfm   Put in the Condo project name or other details and you will be able to determine the FHA approval eligibility.  If the condo is approved, then a condo questionnaire must be submitted to the Homeowner's Association for completion.  This will determine if the project meets the investor guidelines such as owner occupancy ratios, association minimum reserves, HOA fee delinquencies and any potential or pending lawsuits within the project.  If the Project isn't an FHA approved project, then that's something you could discuss with your lender or Realtor.








Linda Shank is a Real Estate Broker/Owner in Phoenix's Southeast Valley Gold Canyon.  She can be contacted at www.ISellAZSunshine.com