Toledo area condos have been harder to sell or refinance this year with some tough new FHA rules put into place to help prevent condo associations getting into trouble with foreclosures and delinquencies.  The new rules require the condo associations to be certified according to rules that they have adequate insurance for liabilities or damage to exteriors; that they have a healthy Reserve Fund of money; and that their projected budgets will maintain the developments.  Many of the local Toledo area condo associations either didn't apply or didn't qualify for the certifications.  Conventional mortgages are still available, but require hefty downpayments of up to 30% compared to the 3.5% required with FHA funding.

We have a number of local Toledo lenders that specialize in condo mortgages and are very familiar with the complexes that have the certification needed for FHA loans.  Give me a call for some lender names and numbers if you are in the market for a condo and planning on using an FHA loan.

My experience has been that newer condo developments in Toledo suburban areas of Sylvan, Springfield Township, Maumee, Mongolia Township and Harrisburg are certified or have set the associations up to be certified easily.