Finding out which condos are on the FHA approved list is important, so you know what kind of financing is available if you are buying or selling a condo.
Approved by FHA
To get approved by the FHA the condo association has to submit paperwork showing that the association is managed by the owners, not the developer, and that the developer owns no more than 10% of the condos. After the FHA confirms the information the condo project goes onto the approved list, and lenders know that they can re-sell loans made on the project. If lenders can’t resell loans their costs are higher and that means they either won’t give the loans or they will offer them at higher interest rates.
Here is the website to search the list of approved condos.
I am working on getting a condo put onto the list and I will post updates as we move through the process!
In addition to what is on the FHA approved list there are spot approvals being granted. I currently have 4 individual units that I have spot approvals on through my lenders that are not on the FHA Approved Condo list. To see if the condo unit your buyer is interested in is available for a spot approval please call me at 226-8888 or email me at firstname.lastname@example.org.