Great Place to Buy

Great Place to Buy

Site Condos - What are they?

Can you use FHA Financing?

Have you ever ran into a property that appears to be a condominium but you're not quite sure ... can FHA financing be used?  Tips for you:

Site Condos don't require FHA Project Approvals & therefore, FHA financing can be used.

What is a Site Condo?

- single family totally detached dwellings (no shared garages or any other attached buildings)

- encumbered by a declaration of condominium covenants or condominium form of ownership

- condominium unit consists of entire structure & the site & air space & are not considered to be common areas or limited common areas

- insurance & maintenance costs are totally the responsibility of unit owner

- any common assessments collected will be for amenities outside of the footprint of the individual sit.



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