HUD (U.S. Department of Housing and Urban Development) offers an online search on their website to find FHA-approved condos. If you’re a REALTOR, this is an essential tool to assist in your FHA buyers‘ home search as well as any condo listings you may have.
SEARCH FOR FHA-APPROVED CONDOS
If the condominium you’re interested in purchasing cannot be found by doing this search, don’t despair just yet…your lender may apply for FHA approval by following the instructions on this PDF document entitled: Condominium Approval Process for Single Family Housing.
Some important requirements for FHA-approved condominium complexes include:
- The condo complex must be covered by hazard and liability insurance (and if applicable, flood and fidelity insurance).
- No more than 10% of the units may be owned by a single investor, including the developer who is holding units as rentals.
- No more than 15% of the units may be 30+ days delinquent in HOA dues.
- At least 50% of the units must be owner-occupied.
These are just a few of the most common reasons condos don’t qualify for FHA financing, but please read the PDF document Condominium Approval Process for Single Family Housing for a complete list of requirements.
Here are the results of my online search for FHA-Approved condos in Roseville, Rocklin and Lincoln, CA as of June 14, 2011:
LINCOLN
- Paloma at Foskett Ranch (EXPIRED)
- Sierra View at Lincoln Crossing (EXPIRED)
ROCKLIN
- Club Pacific Condominiums
- Montessa at Whitney Ranch
- Hearthstone (REJECTED)
- Vicara at Whitney Ranch (REJECTED)
- Park Place Condominiums (WITHDRAWN)
ROSEVILLE
- Campania
- The Phoenician
- Strada (EXPIRED)
- Villemont (EXPIRED)
This information is updated daily, so be sure to check the status of a condominium before you write that offer with an FHA loan…or better yet, work with a REALTOR and/or lender who will do that for you!
Souza Realty in Placer County
Souza Realty specializes in Placer County, California real estate: foreclosures, trustee sales and Placer County lots & land. Bob and Leilani Souza are a husband & wife Placer County real estate team actively investing in real estate since 2001, flipping properties as well as holding them for rentals. The Souzas are also experienced in custom home development and are familiar with the entire home building process, from lot selection, floorplan design and permits to where to shop for the best deals on materials and supplies.
If you could benefit from our knowledge when it comes to investing in Roseville, Rocklin, Lincoln, Loomis and Granite Bay real estate or you’d like our guidance when it comes to buying a lot and building a home in Placer County, please contact us for a FREE consultation.
Bob Souza
Leilani Souza, CRS, e-PRO, TRC
Souza Realty (DRE #01262541)
925-513-3400 Bob
916-408-5500 Leilani
bob@souzarealty.com
leilani@souzarealty.com
Serving Southwest Placer County: Roseville, Rocklin, Lincoln, Loomis, Granite Bay
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