Q:

How do you find FHA-approved condos?

A:

Quick Answer

Condominiums approved by the Federal Housing Authority are identified by using search tools provided on the U.S. Department of Housing and Urban Development website. The HUD online search tool allows inquirers to search for FHA-approved condos by a number of criteria, including location, condo name and ID, and ZIP code.

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Full Answer

In the process of informing home buyers, FHA.com issues a caveat regarding FHA condominium loans. While reassuring that buyers interested in condominiums should not be discouraged, the FHA article cautions that FHA condo loans have many more requirements than do conventional FHA home purchase loans. This underscores the importance of using HUD's condo locator.

Zillow lists some on the requirement criteria on its website, including that a condo must consist of at least two units, have a maximum of 25-percent floor space dedicated to commercial/non-residential use, and have a maximum of 10 percent of the units owned by one individual/investor.

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