Condo Certification for FHA Financing-Don't Assume!!!

If you are looking to purchase a condo in the Denver area, or anywhere else in the U.S., for that matter, make sure it is certified for FHA Financing before you fall too much in love with it. Today in the Denver Post there is a very interesting article relating to condo developments being certified and approved for FHA financing for potential new buyers. If you have other options like paying cash or going conventional, this factor won't stand in the way of your purchase. But if FHA is your only option, be aware! Two of the main requirements is that at least 50% of the units must be owner occupied and not more than 15% of the current owners can be more than 30 days delinquent in paying their HOA fees. If these two factors exist, the condo development probably is not approved for FHA financing. Check out the entire article here from the Denver Post.