Here is an excerpt from my first Zillow blog entry:
Are you condo owner or prospective condo buyer? Then you need to pay attention to some recent changes HUD (Department of Urban Housing and Development) is making that affects condominiums.
In the past, you only needed to satisfy one of the following two criteria’s to finance a condo unit using FHA financing.
1.) The Condo Project has a FHA warranty
- This requires the Homeowners Association of the condominium project to apply and receive a warranty on the project from the HUD.
2.) The unit must pass a questionnaire called a “Spot Check” done on an individual basis
Here is a link to the rest of the blog entry
NEW FHA GUIDELINES CHANGE THE CONDO MARKET
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