Monday, May 21, 2012

Buying a Condo in Tucson? Consider This.

Most of the condo listings in Tucson indicate that a buyer can purchase the condo using FHA financing. Most of the time, this is not true.

The Department of Housing and Urban Development (HUD), the agency that insures FHA mortgages, established some rules last year that created huge liability for condo complexes that want to allow FHA financing. As a result, only three condo complexes currently qualify for FHA financing.

I explained the risks of obtaining HUD certification in my 7/23/11 blog post.

The eligible complexes, and the date their HUD certification expires are 1) Midtown Condominiums, 3646 E Blacklidge Dr., 9/28/2012, 2) Pinnacle Canyon Condominiums, 6/21/2013, and 3) Tierra Catalina Condominiums, 3201 E Skyline Dr., 4/7/2013.

Condos Eligible for FHA Financing in Tucson.

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