Home Buying in Orlando>Question Details

Jodi, Home Buyer in 32829

If looking to buy a townhome or condo in Orlando, how could I find out if the HOA is approved/or will accept financing with a FHA loan?

Asked by Jodi, 32829 Mon Mar 25, 2013

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9
Make the lender do the work, Call HOA or look it up on FHA approved condos list

here: https://entp.hud.gov/idapp/html/condlook.cfm

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
0 votes Thank Flag Link Wed Mar 27, 2013
http://www.orlandosalesclub.com/ give us an email and we can get the property on your radar vetted for HOA financing. We are also a HUD broker encase you find a government owned condo deal you want to bid on. daniel@danielcoombspa.com Thanks Daniel
0 votes Thank Flag Link Tue Mar 26, 2013
Jodi-
There is a website utilized by lenders to verify whether or not individual communities are FHA approved. If you have interest in a particular community you are more than welcome to Email me TabithaBanners@me.com and I will have my lender verify whether or not they are approved FHA communities.
0 votes Thank Flag Link Mon Mar 25, 2013
What I have found in my experience is that most condos do not qualify for FHA financing. For townhomes, it can be tricky.... It depends on what percentage of the total units are being sold as primary residence vs rental units. My understanding is that prior to FHA determine if the townhome is eligible for FHA financing, they have to look at the percentage of rental units compared to the total units. Once this information is reviewed by FHA, then they will determine if it is FHA approved or not. Most builders work hard to ensure that the townhomes qualify for FHA, by restricting sale to primary residence and as a result, a lot of them are granted FHA approval. On a resale, it depends on the percentage of the units being used as rentals. Your lender or your realtor, will be better able to assist you in determining if the particular unit you are interested in purchasing, will qualify for FHA financing or not.
0 votes Thank Flag Link Mon Mar 25, 2013
Don's answer is on the money. Do note the comment about townhomes that are not condos. They are not a problem to finance.
0 votes Thank Flag Link Mon Mar 25, 2013
Hi Jodi:

You could easily check that by entering the condo community name on the below link:

https://entp.hud.gov/idapp/html/condlook.cfm

Below is the link to 3+ Bed condos and town homes in Orlando:

http://abidhendi.orlandopropertiesonline.com/listings/areas/…

Let me know if I can help you with any other questions.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes Thank Flag Link Mon Mar 25, 2013
Deal with areal estate agent and mortgage lender that are very familiar with the area
0 votes Thank Flag Link Mon Mar 25, 2013
Jodi - let your lender do that work. Give the lender the properties you are interested in and they should be able to find out.
0 votes Thank Flag Link Mon Mar 25, 2013
You can search the HUD site for approved condos:
https://entp.hud.gov/idapp/html/condlook.cfm

Very few condos will qualify. The bigger problem will be getting a seller to accept a FHA financed offer on a condo. Most will not. If it is a true townhome you should not have a problem financing. There is a big difference. Check tax records for an individual property and make sure it is a single family and not condo ownership. Any good qualified Realtor will do all this for you.

Let me know if I can help.
0 votes Thank Flag Link Mon Mar 25, 2013
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