Reno Condo buyers; Look here for FHA approved Condos and Townhomes!
FHA is certainly a popular way to obtain financing these days, but when you are looking to buy a Reno, Nevada Condo or Townhome, you need to be aware of which projects are FHA approved and which ones do not qualify.
You may be surprised to learn that although there are a large number of condos listed for sale, not all are eligible for FHA financing. The Department of Housing and Urban Development (HUD) eliminated the "spot loan" approval process in 2009.
A 'spot loan' is a loan on a particularly property, usually a condominium, by a lender who has not previously financed this particular property. By eliminating this type of funding, HUD has made FHA financing harder to obtain on certain condo projects unless they can approve a whole condo project.
This is why it is important to make sure your real estate agent knows which Condo projects are FHA approved and which ones are not. Don't wait until after you get into contract to find out the Reno Condo you are buying is no longer FHA approved!
You can get lists of condo projects that are FHA approved Condos for any State by going to this site:
Reno has over 24 condominium complexes that are on the FHA approved list.
Because of our changing and somewhat vvolatile real estate market, it is important to check the HUD website for approved condos on a regular basis when considering a condominium or townhome!
Or call me, I can help you with your Reno Condo or home search!
Looking for a Sparks, Nevada condo? Look here for your list of FHA approved Condo:
FHA Approved CONDOS in Reno, Nevada
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