Is That Condo FHA or CHFA Approved?

July 21st, 2009 categories: Real Estate Market

Today, FHA financing accounts for approximately 1/3 of all new mortgage applications (according to Mortgage Bankers Association).

If you’re a buyer looking to purchase a condominium and you plan to use FHA or CHFA (and VA) financing, then the prospective condominium complex must be approved by FHA  (if you’re going CHFA, the complex must be approved by both FHA and CHFA).

Thankfully, it’s pretty easy to find out.

FHA Approved Condos

CHFA Approved Condos - note that CHFA has additional restrictions so talk with your lender

If the complex is not on the FHA list, talk with your Realtor & lender about getting it approved. FHA has a process called “spot approval” for complexes not already on the approved list.

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This entry was posted on Tuesday, July 21st, 2009 at 12:44 pm and is filed under Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Richard Bergen County Real Estate said at July 23rd, 2009 at 10:51 pm

   We are doing an FHA approval for a 18 unit condo conversion we have in house now. You must do it. You get 3.5% down financing for the range we are in.

2. Costa rica property said at July 30th, 2009 at 3:28 pm

   Thanks for the info ! it is quite useful for home owners !

3. Provo said at August 11th, 2009 at 3:09 pm

   Good resource for condo investors. Thanks.

4. No More FHA Spot Approval for Condos said at August 19th, 2009 at 12:27 pm

   […] in July I wrote a post about FHA approval for condos and in it I mentioned that FHA can do a spot approval for an individual condo unit in a complex […]

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