How Can I Find FHA-Approved Condos In Roseville, Rocklin and Lincoln, CA? What Are The Requirements For FHA Approval?
HUD (U.S. Department of Housing and Urban Development) offers an online search on their website to find FHA-approved condos. If you're a REALTOR, this is an essential tool to assist in your FHA buyers' home search as well as any condo listings you may have.
SEARCH FOR FHA-APPROVED CONDOS
If the condominium you're interested in purchasing cannot be found by doing this search, don't despair just yet...your lender may apply for FHA approval by following the instructions on this PDF document entitled: Condominium Approval Process for Single Family Housing.
Some important requirements for FHA-approved condominium complexes include:
- The condo complex must be covered by hazard and liability insurance (and if applicable, flood and fidelity insurance).
- No more than 10% of the units may be owned by a single investor, including the developer who is holding units as rentals.
- No more than 15% of the units may be 30+ days delinquent in HOA dues.
- At least 50% of the units must be owner-occupied.
These are just a few of the most common reasons condos don't qualify for FHA financing, but please read the PDF document Condominium Approval Process for Single Family Housing for a complete list of requirements.
Here are the results of my online search for FHA-Approved condos in Roseville, Rocklin and Lincoln, CA as of June 14, 2011:
LINCOLN
- Paloma at Foskett Ranch (EXPIRED)
- Sierra View at Lincoln Crossing (EXPIRED)
ROCKLIN
- Club Pacific Condominiums
- Montessa at Whitney Ranch
- Hearthstone (REJECTED)
- Vicara at Whitney Ranch (REJECTED)
- Park Place Condominiums (WITHDRAWN)
ROSEVILLE
- Campania
- The Phoenician
- Strada (EXPIRED)
- Villemont (EXPIRED)
This information is updated daily, so be sure to check the status of a condominium before you write that offer with an FHA loan...or better yet, work with a REALTOR and/or lender who will do that for you!
BOB & LEILANI SOUZA
Real Estate Investment Specialists
Southwest Placer County, CA
Bob Souza - 925.513.3400 - bob@souzarealty.com
Leilani Souza - 916.408.5500 - leilani@souzarealty.com
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