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Macomb County MI real estate blog

More phone calls about HUD approved condos and FHA financing

December 6th, 2011 · No Comments · Buyers agency, Condos in Macomb County MI, fha mortgages and first time home buyers

I’ve received a couple of phone calls within the last month from condo buyers (with their own buyers agents) who are stumped and confused about purchasing a condo with FHA financing.

(The part that confuses me is why buyers are confused when they have hired a buyers agent, but that’s food for thought for another article.)

Here’s the nitty gritty:   If the condo complex isn’t approved by HUD then you’re not going to be able to obtain an FHA mortgage.   (One caveat:  If it’s a HUD owned condo then HUD relaxes it’s own rules and you CAN obtain an FHA mortgage.)

There is an excellent resource put out by HUD that keeps a list that is up to date on whether a condo complex is approved.  Go to https://entp.hud.gov/idapp/html/condlook.cfm and you can search by zip code or city.    ( I do wish they had the capability of searching by county, as it would make things much easier for Macomb County buyers to search only those approved in Macomb County. )

Once you know which complexes are on HUDs approved list you can then ask your buyers agent to search the MLS for only condos within those complexes.

~Kris Wales~   A partner for your real estate needs in Macomb County MI
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