3 things you should check if you are buying a townhouse
If you are buying a townhouse, here are 3 things you should check:
1. Does the complex have any litigation? Â If so, then it might be hard to get financing.
2. What is the ratio of owner-occupied units to rental units? Â If already too many rental units, then you might not be allowed to turn your unit into a rental unit because the HOA doesn't want to allow you to make the problem even worse.
3. Is the complex FHA approved? Â If not, then FHA buyers will not be able to get a loan on a unit in this complex.
For example, according to their HOA, the townhouse complex on Heron Court, San JoseÂ has no litigation, is 86% Owner Occupied, and is FHA approved.