Financing in Indianapolis>Question Details

Janet Wilkens, Real Estate Pro in Weeki Wachee, FL

Is it true that FHA will not guarantee loans on condos where more than 10% of the condos are owned by one owner.?

Asked by Janet Wilkens, Weeki Wachee, FL Mon Dec 31, 2012

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Answers

4
FHA has several requirements, all of which must be met in order to get recertified.
The percentage of rentals (not one owner to my knowledge) is one of them.

You can check online to see whether or not your condos meet the FHA requirements.

I sold a condo last year and requested the association get recertified. It did ...
but it took some months to get it.

Have a wonderful New Year!
1 vote Thank Flag Link Tue Jan 1, 2013
Hi Janet,

Did you find a condo that is FHA certified?

Marita
0 votes Thank Flag Link Wed Mar 27, 2013
I believe the limit is 20% now. There are several requirements and the HOA must apply for certification on a regular basis. YOu should be able to obtain this information fairly quickly from the Condo Association. Good Luck!
0 votes Thank Flag Link Tue Jan 1, 2013
Janet,

I am not aware of that requirement, but keep in mind that the condo complex must be certified by HUD.

Peter Knight
0 votes Thank Flag Link Tue Jan 1, 2013
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