A PUD does not need to be approved by FHA in order for FHA financing to placed.
A Condominimum does required FHA approval.
FHA approvals may be withdrawn at any time and do expire.
The PUD is not subject to this additional level of beauracracy.
It's all well to share common area until a part of your property (e.g. on a corner lot) is designated as the common area (green belt) and owned by the HOA.
You pay taxes to the city for the entire land part of which is owned by the HOA.
May not be a good deal.
If you want to discuss what that means when it comes to comparing properties
lets get meet to discuss to discuss that with you.I would enjoy dicussing it with you.
I am in total agreement with the other two agents, but must add that with a PUD you do NOT need to have the HOA approved for an FHA loan like you do with a condominium. A big plus right now.
Joe Homs, Realtor
This differs from a condominium, in which all property owners typically own the buildings, land, and amenities jointly with an individual ownership interest, or right of exclusive use, in the interior of their specific unit.
simple defintiion is a s follows;
"Planned Unit Development (PUD)
A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners."
Hope that is helpful.