Buying a condo in Santa Maria, Ca. can be tricky. Now something that people are starting to look at are condos since they are usually a lot cheaper than a home. Just don’t forget that condos you have an Association fee that can be as little as $100.00 to as much $300.00 that is on top of your mortgage payment.
But the big thing is whether that condo will qualify for an FHA loan because if it does not that means you may have to put down more money. Usually at least 10% vs. 3.5 % down. So rather than waste your time since you may not have that kind of money to put down just go to this website and find out if that condo complex is on the FHA website. So main thing for example on a 100k condo its a lot easier to put down $3,500.00 than it is $10k.
Go to: https://entp.hud.gov/idapp/html/condlook.cfm
Once you are at the website - The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields. I would suggest in the STATUS menu (last one) that you click on the pull-down menu and choose ALL. Projects can have their FHA approval withdrawn for various reasons and you will need to know that information.
if you want to search for any homes or condos that you might want to buy just go to www.GenePerez.net.
