Frustrated That Your Condo Is Not FHA Approved?

If you your Condo meets the following requirements I can Qualify you for an FHA Approved Condo loan.

• Applicant Eligibility. Eighty percent of the HUD-insured mortgages in a condominium project must be the principal residence of the owners (owner-occupants).
• The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance.
• At least 51% of the units in the project must be owner-occupied.
• No single entity may own more than 10% of the units in a project.

HUD Section 234(c) of the National Housing Act provides authority to insure any mortgage covering a one-family unit in a project coupled with an undivided interest in the common areas and facilities which serve the project. The project may include dwelling units in detached, semidetached, row, garden-type, low- or high-rise structures. Generally these types of properties are referred to as Condominiums.

Questions? email me: Will(at)MyEquityPro(dot)com

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