18
Sep
09

FHA CONDO CLOCK IS TICKING

Absolutely the best way these days to finance a condo purchase is with an FHA loan.  Given allowable loan limits FHA requires, if it fits, there’s no substitute.  Why?  If a condominium project is FHA approved, and there’s about 70,000 of them across the United States that are, there is no requirement to certify the property with regards to owner occupancy requirements, HOA budget approvals or any other of the various condo specs lenders require.

With an FHA loan, the lender simply looks up the property address on HUD’s database and sees if it’s on the list.  If it is, full speed ahead.  FHA allows for low down payments while still retaining low rates at the same time.  Something conventional financing can’t compare to.

But as of October 1 of 2009, every single FHA condo approval will vanish and have to be recertified by HUD (the exception is for condos who received their FHA approval less than 12 months ago).  That recertification process will take months.

If you’ve got somebody sitting on the fence, by all means get that contract in before October 1 so your FHA lender can assign the HUD case number before FHA condo sales come to a screeching halt.

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