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Have you ever ran into a property that appears to be a condominium but you're not quite sure ... can FHA financing be used? Tips for you:
Site Condos don't require FHA Project Approvals & therefore, FHA financing can be used.
What is a Site Condo?
- single family totally detached dwellings (no shared garages or any other attached buildings)
- encumbered by a declaration of condominium covenants or condominium form of ownership
- condominium unit consists of entire structure & the site & air space & are not considered to be common areas or limited common areas
- insurance & maintenance costs are totally the responsibility of unit owner
- any common assessments collected will be for amenities outside of the footprint of the individual sit.
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