The Department of Housing and Urban Development (HUD) maintains a list of approved condominiums across the country. A condominium must be on the approved list in order to qualify for federally insured FHA or VA loan products.
As of today 08/26/2011, the list maintained by HUD is reporting that the approval of Weston Village has expired as of 07/31/2011.
FHA loan products have become increasingly popular with buyers who have credit scores that do not meet conventional loan requirements, and who do not the have the ability to come up with a large down payment – with a FHA loan the down payment can be as little as 3.5%. First time home buyers frequently use FHA mortgages in order to obtain financing for their first home.
The inability for a community to provide the option for FHA financing could negatively impact the ability of many buyers who maybe interested in the community to obtain financing. Hopefully Weston Village will be back on the HUD approved list again in the near future.
