Is Your Townhouse a Condo?

By
Real Estate Agent with Keller Williams Realty DTC

We usually think of a condominium as having other units either above or below and a townhouse as having other units on one or both sides. Appearances can be deceiving. If the legal description says condo, that is what will be used for mortgage purposes. The reason this is important is that the standards are more stringent when the property to be financed is a condo.

To check and see if a project has been approved by HUD go to https://entp.hud.gov/idapp/html/condlook.cfm. The importance of a condo project being eligible for FHA financing can not be overemphasized. FHA is the most common type of mortgage used for purchasing or refinancing a condo. If the project is not FHA approved, the resale and refinancing of the units is severely limited. While their might be other options, they will be a lot more expensive.

HUD has granted an extension on the project expiration dates outlined in their memo sent out on December 8th, 2010. They also mentioned that no further extensions will be granted.

Chip Allen

Crestline Mortgage Bankers

A Division of Universal Lending Corp

Direct: 303.947.2109

Fax: 303.987.0676

Loanchip@hotmail.com

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for purchase or refinance, please do not keep me a secret.

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Topic:
ActiveRain Community
Location:
Colorado Denver County Denver
Groups:
Metrolist®
Tags:
dan polimino
chip allen
crestline mortgage bankers
fuller sothebys
universal lending
condominium
townhouse
hud
fha financing
refinancing

Comments 2 New Comment

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Rainmaker
764,484
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

Dan,

It is such an important distinction, and missed by many folks, agents and consumers alike.

December 16, 2010 06:51 AM
Rainmaker
23,479
Laura Strunk
Howard County Maryland Realtor
Keller Williams Realty Centre

People are always shocked when I tell them that a condo does not have to be an apartment style.  

December 16, 2010 06:52 AM
Anonymous
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Rainmaker
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