Buying a Home in San Diego

Many buyers in San Diego's marketplace qualify for FHA financing. FHA is the government-appointed entity that ensures banks that make loans with certain parameters. There have been some important changes to FHA guidelines recently, but most FHA buyers will still enjoy a minimum down payment of 3.5%.

The purpose of this post is to show San Diego home buyers how to check to see if a condo project is on the FHA-approved (HUD-approved) list. If you plan to buy a detached home, this post does not apply to you. However, if you are planning to purchase a condo with FHA financing, this is an absolute must-read for you! If you want an FHA loan, you can only buy in condo projects that are approved by HUD (the Department of Housing and Urban Development). Ask your exclusive buyer agent to help you determine which condo projects to focus your energy on.

HUD has recently made available online a new and improved (revised) list of the condo projects that are already approved. Before I show you how to access the list, know two things: (1) If a condo project is on the list, it must still be checked by your lender to make sure it still meets HUD's requirements (for owner/occupancy ratios, etc.), and (2) If a condo project is not on the new list, it could be very difficult or impossible to get an FHA loan on a property in that complex (but it could be possible, so talk to your San Diego exclusive buyer agent and lender about these possibilities).

Here's how you check the list:

(1) Go to HUD's website at this link: https://entp.hud.gov/idapp/html/condlook.cfm.

(2) Fill in the blanks as they pertain to your condo search, and click the 'send' button at the bottom of the screen.

You will then see a page that lists all the approved condo projects in the area you searched in.