Tuscaloosa Condominiums

Condominiums are a special type of property.  They are attached to other units and are part of a home owners association.  The home owners association provides a master insurance policy for the structure of the building and for property maintenance and requires payment of Association Dues. 

We will need an updated condominium questionaire completed and sent to our office to determine if the development still meets guidelines for a Conventional mortgage loan. This type of property is usually limited to a loan of 80%. Some developments are approved for FHA loans up to 96.5%.

Below is a list of Tuscaloosa Condominiums that we have financed in the past.

Currently approved for FHA financing:

• Capstone Condominiums - expires 12/07/2010
• Harbrooke Downs - expires 12/07/2010
• Indian Lake Townhomes - expires 3/25/2011
• River Bend Commons - expires 12/07/2010
• River Road Terrace -  expires 12/07/2010
• Sandalwood Condominiums - expires 12/07/2010

FHA no longers allows "spot" loan approvals in any condominium project.  All condominium projects must have a full project review and must be FHA approved.

FHA has developed new guidelines for the project approval process.  These guidelines will allow a Direct Endorsement Lender (which we are) to review and approve condominium projects.  Full review of legal documents, budgets and environmental review are required.  Please keep in mind this will not be something that can be done quickly.

If you are a developer or HOA association that has interest in getting your project FHA approved, please contact Kimberle Barton for details.