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Office Location Ron Ogden, Associate Broker
RE/MAX Metro
110 North Main Street
Bountiful, Utah 84010
Phone: (801) 891-1472
Fax: (801) 296-1342

Tagged : Condos For Sale In Utah

There are currently 1 blog entries matching this tag.

Condo Sales May Slow Down In Coming Months: Find Out Why

Monday, August 31st, 2009 at 5:56pm. 117 Views, 3 Comments.

Some of you know that condominium developments must meet stringent qualifications in order to qualify for FHA insured financing.  Most of you don't know, however, that on October 1, 2009, all previously approved condominium projects must re-certify before any additional FHA loans can be approved.  OK, so what's the big deal?

FHA Eligibility Requirements

To reduce the risk that FHA assumes when it insures condominium units, the FHA requires all condominium projects to meet certain eligibility requirements, such as:

  • At least 50% of the condominium units must be owner occupied
  • No more than 30% of the units in a condominium development can be insured by FHA
  • The condominium HOA must demonstrate that they have enough reserve funds to meet ongoing capital expenditure…


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