Rules for Financing Condos

Lending rules have become stricter in the past few years when financing condos with FHA, VA and even Conventional loans.  You can go on the FHA website  https://entp.hud.gov/idapp/html/condlook.cfm  to search for FHA approved condos in a particular zipcode.  You can do the same for VA approved condos at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch Even if the complex is FHA or VA approved on the websites, lenders still need to verify that less than 50% of owners are investors and the tougher requirement is that no more than 15% of the HOA dues can be more than 30 days delinquent.  The investor % and HOA delinquency % requirements apply to FHA, VA, and Conventional loans and can keep even highly qualified buyers from obtaining a loan on a condo