1) At least 51% is Owner-Occupied
2) No single entity owns more that 10% of the total units.
3) For projects consisting of 30 units or less, no more than 20 percent are FHA insured mortgages.
4) For projects consisting of over 30 units, no more than 10 percent are FHA insured mortgages.
Here's the good news:
While a Realtor can painstakingly scrub title/tax records for #1&2 above, your Title/Escrow provider should have reporting software that can handle all of the above. It may be a report where they have to manually count the records that are returned, but this is very doable.Once you confirm these numbers, you will not have any doubts whether this purchase is possible.
There are 13 questions in a FHA Spot Approval, which you may want to your Realtor to review to get in front of any surprises. For reference see: http://docs.Steven-Anthony.com/FHASpotApproval.pdf
Good luck, stay positive, it will happen!
Also, if you're dealing in REOs/short sales, you should read my blog post - it's across the country: http://therealestatewhisperer.blogspot.com/2008/12/types-of-
I'm a broker/and mortgage consultant in San Diego. Many agents are simply too lazy to contact their favorite lender to check FHA approved condo projects at time they list the condo. I am responding from home, but have a list in my office I'll be happy to send you on Tuesday if you like.
If you still need the information, email me a request and I'll get it to you on Tuesday.
Beatrice Flannagan, Broker
Real Estate and Mortgage Consultant
(since 1978 in San Diego County)
3940 Hancock ST. #114
San Diego, CA 92110
Use this link above right off the HUD/FHA site to see if a condo is FHA approved. If you are not sure and have any questions, email me. I'm a experienced FHA loan originator and I am dealing with getting borrowers homes on condos a lot.
Sometimes even if the condo is FHA approved lenders will still want a HOA certification. Condo's are tricky to finance these days.
It's SO frustrating, but it will work if you wait it out. The market is crazy. It is NOT a buyer's market! It's the banks market. I'm an agent, talking from experience. Good luck!