How Can I Find FHA-Approved Condos In Roseville, Rocklin and Lincoln, CA? What Are The Requirements For FHA Approval?

By
Real Estate Broker/Owner with Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) California DRE #01262541
http://actvra.in/crv

How Can I Find FHA-Approved Condos In Roseville, Rocklin and Lincoln, CA? What Are The Requirements For FHA Approval?

HUD (U.S. Department of Housing and Urban Development) offers an online search on their website to find FHA-approved condos. If you're a REALTOR, this is an essential tool to assist in your FHA buyers' home search as well as any condo listings you may have.

SEARCH FOR FHA-APPROVED CONDOS

Search for FHA-Approved Condominiums

If the condominium you're interested in purchasing cannot be found by doing this search, don't despair just yet...your lender may apply for FHA approval by following the instructions on this PDF document entitled: Condominium Approval Process for Single Family Housing.

Some important requirements for FHA-approved condominium complexes include:

  • The condo complex must be covered by hazard and liability insurance (and if applicable, flood and fidelity insurance).
  • No more than 10% of the units may be owned by a single investor, including the developer who is holding units as rentals.
  • No more than 15% of the units may be 30+ days delinquent in HOA dues.
  • At least 50% of the units must be owner-occupied.

These are just a few of the most common reasons condos don't qualify for FHA financing, but please read the PDF document Condominium Approval Process for Single Family Housing for a complete list of requirements.

Here are the results of my online search for FHA-Approved condos in Roseville, Rocklin and Lincoln, CA as of June 14, 2011:

LINCOLN

  • Paloma at Foskett Ranch (EXPIRED)
  • Sierra View at Lincoln Crossing (EXPIRED)

ROCKLIN

  • Club Pacific Condominiums
  • Montessa at Whitney Ranch
  • Hearthstone (REJECTED)
  • Vicara at Whitney Ranch (REJECTED)
  • Park Place Condominiums (WITHDRAWN)

ROSEVILLE

  • Campania
  • The Phoenician
  • Strada (EXPIRED)
  • Villemont (EXPIRED)

This information is updated daily, so be sure to check the status of a condominium before you write that offer with an FHA loan...or better yet, work with a REALTOR and/or lender who will do that for you!

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BOB & LEILANI SOUZA
Real Estate Investment Specialists
Southwest Placer County, CA

Souza Realty, Bob & Leilani Souza - Real Estate Investment Specialists in Southwest Placer County, CA

Bob Souza - 925.513.3400 - bob@souzarealty.com

Leilani Souza - 916.408.5500 - leilani@souzarealty.com

Souza Realty - Real Estate in Roseville, Rocklin, Lincoln, Loomis and Granite Bay, CA

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Rainmaker
1,410,915
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

This is fantastic information for condo seekers in Roseville, Rocklin, and Lincoln CA.  Well done Leilani.

Jun 15, 2011 05:54 AM #1
Ambassador
1,474,786
Karen Kruschka
RE/MAX Real Estate Connections - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Leilani  I agree with Anita. Condominium purchasers in Roseville, Rocklin and Lincoln will find this to be a valuable resource

Jun 15, 2011 07:48 AM #2
Rainmaker
1,463,643
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Leilani, this is so important, if a buyer will be purchasing with a loan!     Many condo buildings in Denver ARE NOT approved, and I have to check prior to showings lofts downtown!     GREAT INFO!

Jun 15, 2011 10:54 AM #3
Rainmaker
949,372
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

Thank you, Anita! :)

Leilani

Jun 15, 2011 02:06 PM #4
Rainmaker
949,372
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

I hope so, Karen! Having this information readily available online makes things so much easier. :)

Leilani

Jun 15, 2011 02:07 PM #5
Rainmaker
949,372
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

Joan, your condo buyers are lucky to have a conscientious agent like you! Not all agents properly do their homework beforehand. :)

Leilani

Jun 15, 2011 02:09 PM #6
Rainmaker
580,854
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas
Looks like all I needed to do was keep reading your posts!!! Love this and will be bookmarking so I can find it easier!
Jun 18, 2011 05:26 PM #7
Rainmaker
949,372
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

I guess you found the answer to your question from my VA loan post, DeeDee! Thanks for bookmarking my posts! :)

Leilani

Jun 18, 2011 06:37 PM #8
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Rainmaker
949,372

Bob & Leilani Souza

Placer County, CA: Foreclosures, Auctions, Rentals
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