Finance
A NJ buyer who is purchasing a condominium unit in a building that is not FHA-approved may have difficulty because:
ANJ law prohibits condo purchases with mortgages
BFHA and sometimes VA loans cannot be used to purchase units in unapproved condo projects✓ Correct
CConventional financing is unavailable for condominiums
DThe NJREC must approve all condo purchases
Explanation
FHA and VA loans require the condominium project to be on the HUD/VA approved list. If the project is not approved, buyers using these loan types must use conventional financing or the project must seek approval.
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