Lake Forest FHA Approved Condos – I have the list – But it is shrinking FAST

fha-approved-condos

FHA Approved Condos are losing their approved status in the next few months

If you have been following me, you know that way back in December I told you that condo buying was destined to get harder and harder.  Just ask my nice buyer, Maria who found a townhome in December and just yesterday (March 14th) closed escrow.  This home had lost it’s FHA standing just like 99% of the current FHA Approved condos will – in the next few months.  While she stood by anxiously and wondered if her escrow would go through, my lender/partner, Rudy Rodriguez and I jumped through hoop after hoop trying to get this complex recertified.  It was practically a full time job as she was one of only 2 buyers I had the time to help in the last 4 months because of this. 

Between May and July, almost every single complex will lose it’s FHA Approved status if their Homeowner’s Association doesn’t get on the ball to get them recertified.  From what I can see, they just aren’t doing it.  This means that if you don’t have 20-25% down, there is a good chance that there will be little to no condos to pick from. 

I could go on and on, but the moral of the story is:  If you are planning on buying a condo in the next year – or EVER for that matter, you better get off the fence and into escrow by early April or face the consequences – Apartment Living!

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