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Condo’s and Ownership and The FHA Approval

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Did you know the FHA has to approve  condo’s before an FHA loan can be allowed on a condo unit sale. Of course CASH in King and requires no loan. What does the Federal Housing Administration require to approve these FHA loans? A. The approval must be for the entire complex, not just a single unit.Toget this approval, the condominium association must give proof that the condominium meets all the HUD condominium eligibility requirements. The most stringent guides are: 1. No more than 15% of all the condo units can be delinquent in payment of assessments. 2. At least 50% of all the codo’s must be “owner occupied”.  3. The association’s annual budget  must include the information showing there are enough funds to maintain all the amenities/features in the condo.
Need a condo? Call Earl @770-377-5793 or eamil: earl@earlpark.net

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