Is that Condo FHA Approved?

Condos offer a carefree lifestyle that many of you find especially appealing. However, if you have been pre-qualified for an FHA loan, you need to be sure that the community you’re interested in is approved under your loan requirements.

At one time, condominium developments that were FHA approved were approved for “life”. Thanks to the 2007 housing meltdown, that is no longer the case. In order to establish better oversight of all condo loans it insures, FHA forced all communities (who were approved before 2008) to get re-certified. And this new certification now comes with an expiration date. Just like it is with professional associations, condos will have to get re-certified every couple of years. Here are some of the requirements needed for FHA approval:

1. No more than half of all units can be tenant-occupied.

2. The number of owners who are delinquent in their condo fees cannot exceed a certain threshold.

3. There cannot be any pending litigation regarding safety or habitability.

4. No more than 30% of the units can be backed by the FHA financing.

5. Reserve funding for maintenance and repairs should equal about 10% of the operating budget.

As a result of these new changes we can no longer assume that a community is FHA approved just because it was in the past. Some may no longer qualify. Others may still be going through the re-certification process. So if you are in the market for a condo, don’t set yourself up to be disappointed! Before you put a condo on your must-see list, make sure that you are able to purchase it with your FHA loan. Click here to visit HUD’s website for a detailed list of FHA approved condominiums. If you have any questions or need help, just let me know!

Why you should service your HVAC system regularly

I just recently attended an HVAC (heating, ventilation, air conditioning) inspection for one of my buyer-clients. While talking to the technician about everything HVAC, he filled me in on the EPA regulations on Freon that went into effect in January.

Freon 22 is probably the coolant in use in your HVAC system. Well, it just so happens that this type of coolant is damaging to the atmosphere and is being phased out over time. Here’s the kicker: the newer, more improved, coolant isn’t compatible with your equipment. So in the future, if coolant needs to be replaced, you may need to do a major (and potentially expensive) overhaul.

Now may be a great time to have a technician over to check on your system. If you keep it in good repair by having regular maintenance done, it will go a long way to keeping it running in tip top condition and you can push back the time when expensive repairs become necessary.

Undetectable and Deadly

It is the second-leading cause of lung cancer in the United States. It poses a danger to you and your family even at low or medium dose exposure. It is a world-wide health risk. You could be living with it in your home and not even know it. You can’t see it. You can’t smell it. You can’t taste it. Are you at risk?


Radon gas is a toxic, radioactive gas that results from decaying uranium. It is found in nearly all soil and typically moves up through the ground, into the air and your home above. It does not matter who you are, where you live or the type of home you live in. Any home has the potential to have a radon problem. Fortunately, the testing and remediation of radon gas is simple and inexpensive. The EPA provides a wealth of information about Radon Gas.

January is Radon Action Month. Learn more about it.