I know you know the song. We do and we are wondering the same thing.
Why doesn't FHA send out more "investigators" to approve more townhome and condo complexes for the FHA buyers out there that cannot afford to buy a single family home?
Hopefully they will see what we are saying and start adjusting to the current demand for FHA approved Condo and town-home complexes.
A word of fact about FHA loans and the current real estate market. FHA looks at several factors when determining if a condo or town-home complex will be allowed to have their loans written on them. One such factor is the "solvency" of the HOA.
As you can imagine, back not so long ago, that "solvency" was called into question. This happened because of the "way higher than average" notice of defaults and the "condo and town-home" owners not keeping up with their payments to the Homeowners Associations.
So, instead of FHA continuing to renew the "FHA eligibility" on these communities - they just let them expire.
Today, we have a huge list of condo and town-home complexes that have expired.
In the near future, we are hoping that FHA will come back to looking into the complexes and areas that have expired so that our FHA buyers that cannot afford to buy a home, will be able to buy something in the way of a condo or town-home.
We do have access to the FHA approved condo's and town-homes list. We actually built a page, it took me the better part of the morning yesterday, that will give you the properties for sale - currently, in FHA approved complexes in the Santa Clarita Valley Cities.
Those FHA approved listing pages will auto update with the newest FHA approved inventory. So, check back often.
In addition, contact my Paris911 Real Estate Team at REMAX of Valencia CA, so we can do our own searching after we meet with you and yours in our Crash Course meeting.