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October 13, 2008

FHA Approved Condo Complexes in Placer County

Now that most 0 down loan options have been removed from the market, many condo buyers are turning to FHA loans as the next best thing.

At this time, FHA loans require a minimum down payment of 3% and allow the seller to pay closing costs, which can range from approximately 3 to 6%.

One of the issues that can arise from using an FHA loan to purchase a condo is the restriction that FHA puts on which complexes the condo can be located in.

The department of Housing and Urban Development (HUD) maintains a list of approved condo complexes where an FHA loan can be used.

Many agents and buyers are unaware of this list and can end up wasting time making offers on condos they cannot finance and can also face the disappointment of having to cancel a sale after getting an offer accepted when learning that the complex is not FHA approved.

To avoid wasting time or facing disappointment, it is a good idea to check the FHA Approved Condo List for the area you are interested in before looking at condos for sale.

The approval of a complex is based on numerous factors, including the owner-to-renter ratio, the funding and legal status of the HOA, and whether or not the complex has applied to be approved.

Unfortunately, even if a complex is very "nice", if it is not on the list, an FHA loan cannot be used to purchase a condo there.

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