FHA Condos VS. PUD's

Thinking about buying a condominium or unit in a planned unit development? If yes, first off congratulations on deciding to get preapproved to purchase real estate. The best areas in Sonoma County for condominiums are Rohnert Park followed by a Santa Rosa.

Sometimes the property you might be looking at is really a planned unit development other times vice-versa. One of the more popular types of mortgage loans available for such properties are FHA Insured Loans.

The Federal Housing Administration backed by HUD mandates approval for certain condominiums for procuring financing.

If you are looking at FHA condos versus PUDs, you’ll want to make sure the condominium is HUD approved.

Following is a list of all available HUD approved condominiums in Rohnert Park, California:

Centerville 260 City Center Dr. Rohnert Park, CA 94928

Holiday Park Gardens 693 Lincoln Ave. Rohnert Park CA 94928

Meadowpines 221 SW. Blvd., Rohnert Park, CA 94928

The Terraces Rohnert Park Rd., Rohnert Park, CA 94928

Following is a list of all available approved condominiums in Santa Rosa, California:

Redwood Village 10 Redwood Court, Santa Rosa, CA 95409

West Berry Condominiums 2556 W. Berry Dr., Santa Rosa, CA 95403

Yulupa Co-Housing 1346-1358 Yulupa Avenue Santa Rosa, CA 95403

Many of the once approved condominiums have expired. This means the only condominiums you are able to obtain an FHA mortgage loan on are the ones listed.

…….So what about a planned unit development otherwise known as a pud?

Here’s the difference between an FHA Condo and a PUD

Usually, planned unit developments are detached. Sometimes they can visually mirror a single-family residence and there is a homeowners association (HOA) associated with the community or development. This is the main difference between a condominiums and PUDs. Condos are usually attached and look like glorified apartment complexes.

The other good news about PUD’s is that the association dues are almost always half of what they are on a condominium.

Here is another perk on a PUD: there is no FHA approval required on planned unit development. This means you are free to obtain an FHA mortgage loan without having to worry about a HUD approval.

PUD’s offer no required HUD approval and FHA mortgage financing is almost always doable for these types of properties.

Get an FHA mortgage rate quote for either a condo or a pud. You can also contact Scott via e-mail Scott.Sheldon@nafinc.com. Get more information about FHA Condos VS. Pud’s today!

 

 

 

 

 

 

 

 

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