Is the condo you want to purchase FHA approved? Before you make an offer, search the condo project to ensure that it is. We have provided a link for the approved San Diego FHA condo database. Search San Diego FHA Approved Condos.
Not approved? Here is the process for a San Diego Condo to become FHA Approved?
Per HUD Mortgagee Letter 2009-19, here is a partial sample list of the requirements.
- Projects must consist of two units or more.
- Projects must include hazard and liability insurance and, when necessary, flood insurance.
- Maximum of 25% of the project’s total floor can be used for commercial purposes
- Maximum of 10% of the units may be owned by one individual
- At least 50 percent of the total units must be sold prior to funding 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.