If you’re hoping for an FHA-insured mortgage for a condo purchase your lender will also check on the condo community’s FHA approval status. If you want your HOA to seek FHA approval, work with.
Condo loans are getting easier to get now that mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements. Find out what’s changed for condo buyers.
FHA loan rules for condo units (and yes, properties that appear to be townhouses but are organized under a condo project-style set of agreements and covenants) differ from new purchase loans for a few important reasons. One of those reasons involves the group ownership nature of condo projects.