Townhouse is not a truly recognized term in real estate. Find out if it's either a condo or a PUD. If it's the latter, there is no HUD requirements. The property is treated the same as a single family residence.
Yes, PUDs are treated the same as a single family residence. The only requirement the lender will have is they will require a copy of the master insurance policy and to have your new lender added as loss payee. The other difference from an SFR is that you will be required to carry an HO6 policy on the unit.
Ida as an agent that has over 20 years of experience you should know the answer to this so you must be asking this question to start a discussion. Any new agent should get the training from their broker on how to act as a buyers agent in our current environment. That would include availability of programs funded by the NSP and how to find FHA qualified properties for people with just a little money saved or damaged credit. On the flip side of that, also how to find if a property is not FHA approved as it takes a different type of buyer. I just helped a buyer close in August on a non FHA approved condo. Because of the number buyers that can only purchase FHA non FHA approved units in my area move slowly. They were able to purchase the propery for less than it sold for new in 1996.... more
The responses received will get you along the way. http://HopeNow.com, 888-995-4673, provides free counseling and guidance for distressed mortgages from HUD intermediaries.
There is an excellent real estate primer and reference at http://homebuying.about.com that you should bookmark for ongoing use.
http://www.mtgprofessor.com answers virtually all questions one can conjure regarding mortgages. This website is info only written by Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania.... more