A large number of condominium and townhome complexes in Carlsbad have allowed their FHA and VA certification to expire. If you are a current owner of a condominium or townhome, you should inquire to management whether or not your complex is FHA and VA certified.
FHA loans are one of the most popular loan products for both first-time and condo home buyers. The popularity stems from the low down payment and flexible credit score requirement giving many the opportunity to purchase that would not be able to qualify by conventional loan standards. Especially those buyers coming out of a short-sale, bankruptcy or foreclosure that has a recovering credit score and has not yet saved up 20 percent for a down payment. Without proper certification, an FHA borrower will not be able to offer on a property in a non-approved complex. In today's market of ample buyer supply, it may seem like a low-priority item for many associations and owners. But as prices rise and the investor buyers dwindle, condo owners will want access to the largest number of available homebuyers and that will be FHA and VA buyers. Condo owners should visit HUD.Gov for the steps to certification or pay a small fee to the number of for-profit companies that will prepare the paperwork on behalf of the community.
FHA loans are one of the most popular loan products for both first-time and condo home buyers. The popularity stems from the low down payment and flexible credit score requirement giving many the opportunity to purchase that would not be able to qualify by conventional loan standards. Especially those buyers coming out of a short-sale, bankruptcy or foreclosure that has a recovering credit score and has not yet saved up 20 percent for a down payment. Without proper certification, an FHA borrower will not be able to offer on a property in a non-approved complex. In today's market of ample buyer supply, it may seem like a low-priority item for many associations and owners. But as prices rise and the investor buyers dwindle, condo owners will want access to the largest number of available homebuyers and that will be FHA and VA buyers. Condo owners should visit HUD.Gov for the steps to certification or pay a small fee to the number of for-profit companies that will prepare the paperwork on behalf of the community.