Approved Condo Developments as of April 2014, click on each development below:
Previously Approved, needs Renewal (contact your association to have them renew, 2-3 weeks for approval):
To find out if your complex is currently on the FHA approved list, go to the HUD website
and enter your state and zip code. This service is available from 8am ? 10pm EST Monday ? Friday.
You can also visit the HUD website to access the ?Condominium Project Approval and Processing Guide?
. This publication is quite user friendly and provides an overview of the re-certification process on pages 40? 41.
If your association is interested in obtaining an FHA project approval, or in renewing an existing certification, New American Mortgage has a condominium department ready to assist you! Please contact us
Generally speaking, the minimum down payment requirement for an attached condominium unit is 10%. If the unit is located within an FHA approved complex, the down payment is reduced to 3.5%, opening the door to a larger number of potential buyers.
Because of ongoing economic uncertainty, most borrowers are using less of their resources when purchasing their new home, holding on to cash reserves and investment portfolios. All things considered, they are probably making a wise choice.