Financing in Sylmar>Question Details

Jcpner, Home Buyer in Sylmar, CA

I'm trying to purchase a townhome thru fha, but cannot find any townhomes accepting fha.

Asked by Jcpner, Sylmar, CA Wed Apr 7, 2010

Looking for a 2bd, 2ba with at least a minimum of 1000sq.ft for under $150,000

0 votes Share Flag Financing in Sylmar

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In some cases you can get a spot approval by the lender. However there are other things you need to be concerned with as well. The occupancy % of the complex. If it is under 50% owner occupancy or if the association is over 15% delinquent in their dues the lender is likely to reject the complex for financing.
1 vote Thank Flag Link Wed Apr 7, 2010
Nicholas hit my response. Many "townhome" style properties are legally condos and subject to the same rules and FHA approvals as a traditional condo would be. If you think about it a "townhome" is not a property type in the lending world. It is a condo, or attached PUD.
0 votes Thank Flag Link Thu Apr 15, 2010
Hi Jcpner,

for fha approved condos, use this search engine:

Townhomes is a term that is thrown around but it's just a term that sounds better than the original term, "rowhouse". Anyways, it is used to describe both attached condos or pud's (planned unit developments). If the townhouse you are interest ed in is legally a pud, you should be okay. If it is legally a condo, you should probably try to choose one off the search engine above.
0 votes Thank Flag Link Thu Apr 8, 2010
That may be your issue Jcpner, you might be trying to find out if a townhome is FHA approved, when it does not have to be if it is not a condo.
0 votes Thank Flag Link Wed Apr 7, 2010
Townhouses? That sounds odd. I thought townhouses were exempt and that Condo's had to be FHA approved. Check with your lender.
Web Reference:
0 votes Thank Flag Link Wed Apr 7, 2010
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