FHA approved Condos-Finding FHA approved Townhomes & Condos

FHA approved Condos-Finding FHA approved Townhomes & Condos

By FHA Los Angeles Realtors-Munson Realty

FHA approved Condos-Finding FHA approved condos and townhomes in Los Angeles is no easy task for the Los Angeles first time home buyer.

Why is that? Because condos or townhomes must meet FHA property guidelines: structurally sound, HOA has plenty of cash reserves, no lawsuits against the building, higher ration of owners vs. renters.  Not only that, but the entire building MUST be FHA approved.

How do you know if the building or complex is FHA approved? Often times you don’t. Certainly the average buyer will not have this information.  Even Realtors like ourselves have to “dig” to find out if the complex or community is FHA approved. Presumably the agent representing the seller should make note of this on the MLS but often times they neglect to do so.

This creates a very frustrating experience for the FHA buyer who wants to find a FHA approved condo or townhome.  It’s also frustrating for agents like us that specialize in FHA buyers. Time and time again I get calls from FHA buyers that feel like they have NOTHING to look at but they are FHA approved and ready to go.  Unfortunately their agents just aren’t familiar with the FHA process or don’t have the patients to do the diligence it takes to help their buyers.

About 5 years ago when the market climate changed and there was no longer 100% financing available, we had to find a good replacement for our first time buyers that did not have the 20% down they needed to buy a home.  Very quickly we mastered working with FHA buyers, even though many agents were (and still are) reluctant to working with FHA because of its restrictions on property conditions and Condos.   We began compiling a master list of FHA approved condos and townhomes throughout the Los Angeles area. Granted the list is ever evolving as communities fall in and out of approval but we have streamlined the process of investigating these complexes so well that it doesn’t take us long to find FHA approved condos and townhomes.

If you a FHA buyer and interested in having us help you find your FHA approved home or FHA approved condo here in Los Angeles, give Munson Realty, FHA Los Angeles specialist us a call at 323-216-9671. Don’t give up, there are FHA approved condos and townhomes out there for you. Let us know what you are looking for and we’ll find it!