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FHA Approved Sparks Condos


FHA Approved Sparks Condos

 

When considering purchasing a Condo or Townhouse with FHA financing, the projects or complexes must have already been approved by FHA or HUD. There are no exceptions to this rule. Condominium projects must meet several criteria to get approval.

 One key requirement is they must be at least 51% owner occupied. Another Key requirement is the condo  development must be at least 90% sold and no one entity can own more than 10% of the total units.

Clip art Approval

FHA approval is not permanent and approved projects must get approval certificates every two years. Lenders are required to make sure these properties meet the owner occupancy requirements and all other requirements for each loan submitted to get an insurance endorsement.

Currently many folks are looking to take advantage of low interest rates, first time home buyer mortgage opportunities and low selling prices that are available in the current real estate market.

Condominiums and Townhouses generally cost less than a similarly located and sized single-family homes. Because the overall cost is lower, both the monthly mortgage payment and the property taxes will be lower.

 Home buyers looking to save money and purchase a condo in the Sparks, Nevada area can look right here for FHA approved condos.

The list below is current as of 4/8/2011 and will need to be verified once you decide on a condo to purchase.

Verifying what condos are FHA approved is easy and only takes a few minutes to do. Contact me, Terrie Leighton, or your lender to help. 

Here are the current FHA approved condos in Sparks, Nevada:

Silver State Condominiums ~ Sparks, NV 89431  ~15th & Rock Blvd

Pine Meadows ~ Sparks, NV 89431 ~ Prater & Lincoln WayFHA Approved Sparks Condos

Williamsburg Apartment Homes ~ Sparks, NV 89431 ~ Oakwood & McCarran

Willaimsburg Townhomes ~ Sparks, 89431~ E. Lincon Way

Springland Village ~ Sparks, 89434 ~ Baring Blvd & Sparks Blvd

Casoleil at Spanish Springs~ Sparks, NV 89436 ~ Costa Azul Drive

Mountain Meadows ~ Sparks, NV 89431 ~ Wedikind Way

Wingfield Springs Condominiums ~ Sparks, Nv 89436 ~ Vista Blvd & Ingleston 

 Search the MLS right here for current condo and townhome listings in the Sparks, Nevada areas. Sign up for listing alerts, customize your home search and use my mortgage calculators to determine how much or monthly mortgage payment might cost you. Contact me at 775-846-5424 or email me at Terrie@terrieleighton.com.

Your Home. My Priority. Since 2003

Certified Distressed Property Expert (CDPE)
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Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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Comment balloon 2 commentsTerrie Leighton • April 08 2011 11:05PM

Comments

Terrie - I wish we had more FHA approved condos in my neck of the woods.  The condos for sale Sparks NV sounds like a great opportunity for FHA buyers.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 7 years ago

Very timely post! Although conforming loans do not need the FHA approval, they still need to have 51% owner occupancy. As investors are now purchasing so many condos, it has become very difficult to find units that qualify for financing.  The other problem is section 32. Minimum lender and escrow fees result in high cost loans.

Most buyers considering a condo believe the monthly payment will be much lower than a house. The HOA fees for most associations in the Reno Sparks area are in the $185-$300 per month range. Based on current interest rates, your buyer can buy a home costing $30,000 to $50,000 more with same monthly payment as the condo.

When home prices fell, nothing fell harder than condos. When the market finally recovers, condos will be the last segment of the market to rebound. By suggesting a stick built home with a comparable monthly payment, you will be working in your buyer best interest.

 

 

Posted by Doug Kaller (Academy Mortgage, Reno, NV) over 7 years ago

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