Qualify Your HOA For FHA Loans...
Ensuring that your condo or townhome association is on the FHA approved list is important to everyone.
It’s important to potential buyers who may not otherwise qualify to purchase a home in your association. It’s important to current owners who may want to sell one day and want a larger pool of buyers for their unit. And it’s important to the association itself, as that larger pool of buyers helps create more competition, which raises unit prices.
In the past, whether or not an association qualified for FHA loans wasn’t so important, as lenders could do “spot loans” for specific units. New laws changed that, however. So that FHA-approved pool of buyers can now only purchase in FHA-approved associations.
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