You need to be certain the condo project is approved BEFORE you make a deposit on a purchase. In addition to condominiums, HUD has restrictions on other property types and lenders may impose their own restrictions above and beyond HUD. Many projects do not meet HUD’s parameters and some approvals can take many months to obtain as the HOA’s are forced to increase insurance coverage and they or the Condo Boards themselves are not willing to do so. HUD will not insure a loan on a condominium unless the entire project is currently on their approved list.
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