If you have been in the market for a Condo or Town home utilizing FHA financing – I don’t have to tell you that there have been some that you could not utilize the FHA loan.
You have probably fallen in and out of love with different condo or town-home complexes only to have your lender tell you that the complex was not FHA approved.
If it has not been explained to you – this has to do with either the amount of FHA loans on current properties, the Foreclosure numbers specific to the complex or the financial where with all of the Home Owners Association/Condominium Association.
Law Suits involving the different complexes could also pose issues.
90% of the condos and town-homes on the current list that is approved by FHA is going to expire on December 8, 2010. When those complexes expire they probably will not be renewed. So you are going to have to approach the offering plate with a Conventional Loan.
I am not a Knee Jerk Reactor – This is an FYI. If you have been close to offering and you want to buy now – you need to get your offer in and get your lender to pull your FHA case number ASAP.