I have been approved for FHA financing however I can not find a condo that will accept FHA.

Smoraq
Home Buyer
Coconut Creek, FL

I went FHA because of the low downpayment requirement but no condos/townhomes will qualify for FHA. I don;t understand. Thanks

Answers (5)
Cynthia Barron
Agent
33065

I am a Realtor serving the North Broward area. I can assist you in your quest in finding a FHA approved condo.

Cindy Barron
The Keyes Company Realtors
Coral Springs Office
954-298-6678
info@cbarronhomes.com

Wed Nov 4 2009, 09:44
Joanne Scoratow
Mortgage Broker
or Lender

Fort Lauderdale, FL

I have several lenders that will do cono financing with FHA. Please contact me.

Thu Oct 15 2009, 08:49
Melvin List
Mortgage Broker
or Lender

Florida

Homepath is a great program if you can find them before they are sold. I can pull a list of FHA approved condos if you need it.

Sun Aug 30 2009, 07:20
Erin Rowley
Agent
Savannah, GA

Hey there,

That is a common dilemma for condo's in my area too. I know that one of the condo communities I sell at has had FHA variances accepted. Talk to your lender and see if he or she is able to pursue that for the condo community you are interested in. I think there is a small fee, $80, for the application, but it could be worth it....

I know that's not solid advice, but maybe it will lead you to a solution.

Good Luck!

Sat Aug 29 2009, 18:47
Patty Fisch
Agent
Chandler, AZ
FIRST ANSWER

You might also consider foreclosures condo/townhomes which have special financing...

FannieMae backed mortgage Foreclosures: http://www.homepath.com/
HomePath Financing HomePath® Mortgage Financing This special financing is available on Fannie Mae homes with the following logo: The benefits include: Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only) You may qualify even if your credit is less than perfect Available to both owner occupiers and investors Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer No mortgage insurance* No appraisal fees Also eligible for HomePath Renovation Mortgage (see details below) HomePath Mortgage financing is available from a variety of lenders - both local and national.

You may also ask your Realtor if there are any special state-wide programs - for example, in Arizona, we currently have a fabulous state program for qualified applicants where the state will pay 22% of the purchase price of the home toward the downpayment, so the buyer can get a conventional loan with just 3% down! Pretty amazing!

Best wishes...if you don't already have a Realtor working for you and need help with finding a local Realtor, I'd be happy to provide a Referral.

Patty Fisch
West USA Realty Revelation
pattyfisch@westusa.com

Sat Aug 29 2009, 18:31

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