FHA has changed their requirements for approving complexes for financing.
If the complex is not approved this means you or your buyer cannot get FHA lending which in turn leads alternative financing with a higher down payment requirement. The new FHA rules focus on budgets, reserves and insurance. FHA states this is to avert losses from delinquencies and foreclosures but it is making it tough for unapproved complexes to find eligible buyers.
As an agent, I check the status of the complex eligibility and can work with the board to submit the documentation to work on getting approval. This is something that should be addressed prior to listing your property. As a buyer, we can determine what type of financing you qualify for prior to setting out and looking at homes.
