Tag Archive for: Buy a Condo

What to Know When Buying a Condo

12 May
May 12, 2009 The current market has made condo buying and selling much more difficult because of the high number of foreclosures attributed to speculation in condominiums and many federal HUD regulations restricting the use of FHA loans in many such complexes. Three criteria must be met to get an FHA loan on a participating condo: 1. 70% of new condos must be sold BEFORE any FHA financing is allowed 2. No More than 20% cannot be owner occupied, i.e. rentals held by investors 3. No single entity can own more than 10% of the units Other issues to consider are what is included in the condo fee and how high a fee you are willing to pay. Newer condos do not include gas or electricity in their fee, but have significantly Read more [...]