Buying your home with FHA financing? Many of the condominiums that have FHA approval to finance in the condominium tracts will expire this year. Many will expire in July 2011 in South Orange County.
The tracts were slated to expire at the end of last year but extended at the last hour to give the Homeowner Associations extra time to complete the recertification for FHA financing. Not all HOA’s are jumping in to meet the deadline. Many have already expired.
Don’t miss the boat. If you are waiting for the right price and interest rate for your FHA loan, you now have an urgent reason to jump off the fence and seriously start writing your offer. After July 31, 2011, you will be competing with a much larger group of FHA buyers to get an offer accepted on the handful of condominium tracts per city that have been recertified.
Ten condominium tracts in Aliso Viejo will expire on July 31, 2011 if they are not recertified. Applause, Calabria, Canyon Point and Coronado at Aliso Viejo are due to expire in 2012. Only Canyon Villas is approved to April 2013.
Arbor Lake and Crestline are approved in Laguna Hills to 2013. Five will expire by July 31st.
Ridgemont is approved to June 2012 in Mission Viejo’s 92691 zip code.
In Rancho Santa Margarita, only Alicante, Cabo Vista, Mission Courts II, Sierra Verde and Mission Courts I are approved to 2012. Only Vista La Cuesta is approved to 2013. All other condominiums are due to recertify this year.
If you are purchasing a single family residence (SFR) with FHA financing, the above will not apply. In addition to the market value of the property, the FHA appraiser will still verify the home will be in move in condition (available heat, water, walls, etc.)
You can check for more condominium complexes by zip code at the following link:
https://entp.hud.gov/idapp/html/condlook.cfm You only need to input the zip code.
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