Northfield Woods Condominium Association is not currently an FHA approved association. FHA requires that an association complete forms certifying compliance on a variety of topics before approval of the association will take place. The process is lengthy, complex and somewhat costly.
If a condominium association wants to be on the FHA’s approved list, the association must meet a number of major requirements. Because these requirements are so stringent, only about 10 percent of the nation’s condo complexes are FHA-approved, and approximately 60 percent of those seeking approval are turned down, according to John McDermott, writing in National Mortgage News.
Northfield Woods Condominium Association may apply for FHA approval at some point in the future, though buyers who wish to finance with FHA should be aware of our current status.
More reading on FHA and Condos:
- Improving FHA's Condo Loan [Aug 8, 2013]