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:
FHA Approved Homes and Communities!
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:
Sparks Nevada FHA approved Condos
FHA Approved CONDOS in Reno, Nevada
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Certified Default Resolution Specialist (CDRS)
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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.
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I always find it interenting when agents do not know a project has to be approved when getting FHA financing. It is Real Estate 101 yet they don't know?
Terrie: Many of the HOA's are way behind budget because so many homeowners are in default and or have gone and not paid their HOA dues.....when that happens no lenders can loan on them. Cash only on some Condo communities here in California!
Bill ~ The list is updated often and is important to check it when showing condos to clients, it changes often!
Thanks Jane ~ Same thing here in Reno, the HOA's are not getting paid because homeowners are in default. Prices are really great right now even for the projects that are FHA approved which makes buying a condo right now are great investment.
Good post Terrie. Extremely important information.
Thank you Debra! It is important is the market to know which condo projects you can purchase with a loan and which ones you cannot!