Search San Diego FHA Approved Condo Database

The first step in obtaining FHA financing for a condo in San Diego is to search the FHA condo database to make sure a specific complex is FHA approved.  The tightening of lending guidelines over the last few years was not only for homebuyers but included the condo complex as well.  You can have an 800 credit score, down payment, stable job, and will still be denied an FHA loan if the complex itself is not FHA Approved.

Is my San Diego condo complex FHA Approved?

The link below will assist you in determining when and if a complex has received HUD’s approval.  If you prefer, you can contact me directly for all FHA condo eligibility questions.

Search San Diego FHA Approved Condos

What’s the process for a San Diego Condo to become FHA Approved?

HUD issued a Mortgagee Letter 2009-19 that gives the full requirements.

Below are just a few of the many requirements per HUD Letter 2009-19 a condo complex is required to maintain for FHA Approval status:

  • Projects consist of two units or more.
  • Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.
  • No more than 25 percent of the property’s total floor area in a project can be used for commercial purposes.  The commercial portion of the project must be of a nature that is homogenous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.
  • No more than 10 percent of the units may be owned by one investor.  This will apply to developers/builders that subsequently rent vacant and unsold units.  For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.
  • No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
  • At least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit.
  • At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.  FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units.
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