What makes Christmas and New Year’s better than friends, family, and savings? How about owning a home? The holiday season is a cheerful time spent with family, but for those of us with families
Buying a condo FHA listen up
VA Realtors have a new tool they can use to check for FHA approved condo complexes.
VAREALTOR.com/condocheck enter zip code or city state and get your answers
In May 2011 every condo complex was de certified and forced to reapply for FHA condo certification status. We are finding most became re-certified but a few have not. What ever the reason according to the Virginia Association of Realtors, the end result is that buyers who want a unit in the un-certified condos are ineligible for FHA financing-something many seller don't discover until late in the process when they learn that their pool of prospective buyers has shrunk considerably....and because the certification process can take months deals fall through.
Buyers if you are planning to use FHA financing have your agent check the status of the complexes you want to view preferably before your first initial visit.
For a condo to meet FHA loan guidelines it must:
At least 50% of the units must be owner occupied
Have specific Insurance coverage
No more than 25% of the property's total floor area can be used for commercial purposes ( so mixed used developments will not usually qualify)
No more than 10% of units can be owned by more than 1 person or entity.
No more than 30% can be financed by FHA
No more than 15% of the total units can be delinquent on their dues more than 30 days past due.
At least 50% of unit in complex sold. (Can not have more than 50% vacancy)
Must maintain a budget with sufficient funds for maintainace of the common areas and required condo project.
If you are interested in buying a condo, condo complex or single family home zoned condo in Hampton Roads then contact me.
THE HAMPTON ROADS REAL ESTATE LADY!
Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.
Deandrea Dee Dee Jones
Associate Broker / Recruiting Sales Manager Peninsula
Blu Skyy Realty Virginia Beach, VA
Having lived in other cities, such as Cleveland and Idaho Falls, I only appreciate Hampton Roads that much more. Why? Because from almost anywhere in our area, a beach is only about a 20 minute dri....