FHA approved condos and townhomes in Sparks, Nevada
There are plenty of amazing deals right now in the Sparks, Nevada condominium market.
However, with the recent turmoil in our housing industry, many financial institutions have tightened their lending guidelines and have made it difficult to obtain financing on condos.
It is important to remember that when considering to purchase a Sparks, Nevada Condo or Townhome with a FHA loan, these complexes must already be approved by the FHA and HUD.
For a condo complex to be FHA approved, they have to meet specific requirements. These requirements are:
- At least 90% of the units must have been sold
- At least 51% are owner occupied
- No single entity may own more than 10% of the units
- If there are more than 30 total units, then no more than 10% of the units may have FHA financing
- If there are 30 or fewer total units, then no more than 30% of the units may have FHA financing
If you are a Sparks, Nevada home buyer who is considering purchasing a condo with a FHA loan, here is your list of Sparks, Nevada FHA Approved Townhomes and Condominiums:
500 Costa Azul Drive
Sparks, NV 89436
Built in 2006, Casoleil in Spanish Springs is one of Sparks newest, luxury communities that offers two and three bedrooms with up to five different floor plans. Home owners enjoy a gated community, pool and spa, fitness center, business center with full service kitchen.
There are 5 Casoleil Condos listings in the NNRMLS right now. The average list price is $135,000. The HOA dues are $170/monthly.
3230 Wedekind Road
Sparks, Nevada 89431
Mountain Meadows offers two bedroom town-home style condominiums with three different floor plans to choose from. Homeowners enjoy the security of a gated complex, a swimming pool, indoor spa, clubhouse, fitness center and covered parking.
There are 9 Mountain Meadows Condominiums listed for sale in the NNRMLS. The average list prices is $70,000. Mountain Meadows HOA dues are $195/monthly.
663 Pine Meadows
Sparks, Nevada 89431
Pine Meadows Townhomes are great for first time home buyers. Two story, three bedroom units with two car garages. Easy access to Interstate 80 and just blocks from the Sparks Marina. Mature landscaping.
There are 6 Pine Meadows Townhomes listed for sale. The average list price is $82,000. Pine Meadows HOA dues are $140/monthly.
15 Street & Rock BLVD
Sparks, Nevada 89431
Silver State Condominiums are centrally located in Sparks, Nevada, near the Sparks High School and Sparks Middle School. The units are two story, come ready for washer and dryer, offer a recreation room and swimming pool
There are 15 Silver State Condominiums for sale. The average list prices is $69,000. Silver State Condominiums HOA dues are $190/monthly.
Springland Drive
Sparks, NV 89434
Springland Village offers several different floor plans. Choose from a studio to a three bedroom unit.
The amenities at Springland Village include two swimming pools, one spa, a tennis court, two parking spaces per unit, and partial utilities paid through the home owners association. Mature landscaping and a wide variety of fresh, wild flowers surround this popular Sparks, Nevada complex.
There are 9 current listings in Springland Village. The average list price of a Springland Village Condominium is $80,000. The HOA dues are $220/monthly.
E. Lincoln Way
Sparks, NV 89431
These two story townhomes were built in 1972 and are located in East Sparks, Nevada. There are several different units to choose from. Each unit has its own private patio, covered parking with extra storage.
There are only two Williamsburg Townhomes available for sale. The average list prices is $72,000. The HOA dues are $165/monthly.
Wingfield Springs Condominiums
Vista / Ingleston Drive
Sparks, Nevada 89436
The Wingfield Springs condos are located just off Vista Blvd in sparks and have soaring views of both the Spanish Springs Valley and the "Hills" golf course at Red Hawk. This project was built in 2002 and offers state of the art townhome/condo living.
Amenities include access to swimming pool, recreation room, club house and fitness center. Close to the Golden Eagle Sports Complex, a supermarket and eateries.
Choose from 12 active listings that average in list price of $130,000. The Wingfield Springs Condo HOA's are $220/monthly.
The process of buying a FHA approved condo is really not as complicated as it may seem. Enlisting the help of a professional real estate agent who knows the area can help save you time and help make the process both easier and more successful. Please feel free to contact me for all of your condo and townhome information.
Sparks Nevada Buyers: Look Here For FHA Approved Condos and Townhomes
__________________________________________________________________________________________________
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
The information in Terrie Leighton's Blog are believed to be accurate and true but are not guaranteed! Terrie Leighton is a licensed real estate agent with Ferrari-Lund Real Estate serving the areas in Reno and Sparks Nevada.
~X~X~X~X~X~X~X~X~X~X~X~X~
Search the MLS for Properties here in Northern Nevada
Hi Terrie: We don't have very many FHA approved Condominium Projects here. The reason they won't qualify for ANY financing is because the HOA's are all up side down! Cash buyers are purchasing them up though.
Who better to call for ANYTHING Real Estate related in the Sparks, NV area, than Terrie Leighton!
Terrie, excellent localism post, this time of year that pool looks really inviting
We run into this a lot as well. Many buyers and even Realtors do not know that a project needs to be FHA approved.
Terie, great info and I love all your local stuff too! You are the queen of real estate in Sparks NV!!
wow - great info Terrie! Pine Meadows sounds good to me, especially after reading about the 'mature landscaping'! Something about having established trees and plantings that just makes it feel more like home :)
This is a great report about Fha approved condos in your area.
Jane ~ We have many, many condo communities that are upside down in their HOA's as well. They is why it so important to make sure you do your homework before you make any offers on condos or townhomes.
Craig, Gerry ~ Thanks for the words of encouragement.
Bill ~ I see a lot of listings in the MLS that have no mention of financing. It makes me wonder how much homework the agent did prior to listing the unit.
Hi Kristin ~ So sweet, thank you!
Kara ~ Mature landscaping with tall Pines do make living in a condo feel so cozy, I agree with you for sure.
Gita ~ It can be time consuming for buyers to try to figure out which condo complex to look at so I hope this post will help out a little.