Will You Be Stuck When You Are Ready To Sell Your Condo? Take Action Now
Without an up to date FHA Condo Approval both consumers and real estate agents alike are forced to go elsewhere when looking to purchase as low down payment loans will not be available.
Think of a FHA condo approval as being the “seal of approval” for a complex when comparing it to others that are not FHA warrantable. A FHA condominium approval signifies to a potential buyer that the complex has stability, efficiency, and more transparency of the homeowners association. It more importantly allows for lower down payments for buyers.
Unfortunately, many of the condos that were at one time FHA approved are now unable to obtain FHA financing as their condo boards or condo management companies failed to file the paperwork with the FHA to get re-certified.
As soon as the FHA’s approval expires, all FHA lending in the complex stops. Lenders can’t get FHA case numbers and the FHA won’t insure them. That whole section of financing dries up.
Among the specifics that the FHA looks for to re-certify is that a building is over 50 percent owner occupied, that no more than 10 percent of units are owned by one investor or entity, that no more than 15 percent of the units are 30 days past due on their monthly assessments, and that at least 10 percent of the association budget be set aside for capital expenditures and deferred maintenance.
The FHA also looks at special assessments and pending litigation, two additional areas that can raise red flags.
If you are a unit owner living in a condo that is not presently FHA Approved and are planning on selling your unit in the next several months here’s what you should know. About 50% of the mortgage market for condominium purchases today are FHA mortgages, and that will likely increase to about 60% by the end of this year.
Not being FHA approved actually eliminates more than half the potential buying market. This lack of buyers reduces the value of a unit owner’s condo faster than that of a single family house because most single family homes today do qualify for FHA financing. In an economy where it is difficult for an owner to sell their condo, FHA financing is imperative.
There are fee based companies that specialize in obtaining FHA condominium approvals or re-certifications for those management companies or condo boards that do not have the time or expertise to do it themselves.
For assistance in contacting a condo approval specialist please feel free to email ekowal@primeres.com.
Ed Kowal is Recruiter/Sr. Loan Officer Primary Residential Mortgage, Inc.
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