Posted tagged ‘East Hartford Condos’

Is Your Condo Complex Still HUD Approved?

August 10, 2011

In general, condominiums are popular among first time homebuyers. In addition, FHA mortgages are a popular financing option for first time homebuyers because of the low down payment (3.5%). However, if a buyer is purchasing a condominium and is obtaining an FHA-insured Mortgage, the condominium complex must be on a list of HUD approved complexes and meet certain criteria.

Prior to December 7, 2009, once a condominium complex received HUD approval, it remained on HUD’s list of approved condominium complexes. However, for each FHA loan, lenders would ask condominium associations to complete a questionnaire to confirm that the complex continued to meet FHA guidelines.

As of December 7,  2009, condominium complexes have to be re-approved by HUD every two years to stay on the list of HUD approved complexes. (more…)

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