This short guide will give you a clear road map to avoid issues when using FHA financing for condos. Many of these rules also apply when putting less than 25 percent down on a condo using conventional financing for a primary residence or a 30 percent down payment on a second home.
- Condo bylaws often contain a right of first refusal in Declarations.
- Too many investors can be problematic; the FHA now allows up to 50 percent of the total units in the condo to be owned by a single investor or entity -- as long as the other half are owner-occupied as principal residences.
- It's vital to make sure the building has adequate insurance coverage including fidelity bond and flood insurance.
Big plans for business in 2018?
Give yourself the tools to own the new year at Connect SF, July 17-20, 2018