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? If so, then it might be hard to get financing.
2. What is the ratio of owner-occupied units to rental units? 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? 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 Jose has no litigation, is 86% Owner Occupied, and is FHA approved.