Condo Sellers - Put Condo on FHA List
If you are the seller of a condo unit, you should be aware of the list of condo associations on the approved list for an FHA mortgage loan. You should also do your best to add your association to that list. Individual condos do not go on there - only the entire association does. Even if you are not selling your condo but just refinancing it, it is important you do the same.
This is important to do because a third of all mortgages today are backed by the FHA. Compare this with only 3% of all mortgages three years ago which were FHA-insured. So chances are good that if you bought a condo three years ago, it was not on the FHA=approved list. If you don’t get it added today, you’re missing on a major chunk of homebuyers that would be potentially interested in purchasing your home due to lack of financing. In this painfully slow real estate market, I doubt any seller can afford that.
You can check the information site http://www.CheckFHAApproval.com to see if your association is already approved.
