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Mytiah, Home Buyer in Encino, CA

Are there any FHA approved Condo/Townhomes in San fernando Valley?

Asked by Mytiah, Encino, CA Tue Mar 5, 2013

I've been trying to purchase a Condo with a FHA loan, needless to say "NO" luck... Can I do 5 %conventional loans on a condo/townhouse? If so, any lender somebody can recommend?

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Hello Mytiah, yes there are many FHA approved condo's available. You may consider FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional with a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI).

It only takes a few dozen questions to qualify, go over your options and email you listings too. Here are some blogs to study such as Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
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760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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0 votes Thank Flag Link Tue Jan 13, 2015
Hi!!

I have a list of about 200 condo complexes that accept FHA loans!
I can forward it to you if you'd like.
Jacqui.Rum@gmail.com
0 votes Thank Flag Link Tue Jan 13, 2015
Has to be...
But if not, we will do Conventional down to 620.

Riccardo Wardlow
Sales Manager
NMLS 219402
Cross Country Mortgage
630-670-8266
323 546 8066

Specializing in Illinois and California
RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Investment properties
*Closing loans in 3 - 3.5 weeks
0 votes Thank Flag Link Mon Jan 12, 2015
Union Bank does 5% conventional loans.
0 votes Thank Flag Link Sun Jan 11, 2015
Villa Lorena HOA @ 18307 Burbank Blvd. Tarzana, Ca 91356 Is an FHA approved complex
0 votes Thank Flag Link Thu Oct 30, 2014
I might be a bit late for this one but most if not all HOA in the San Fernando Valley specially Pacoima, San fernando, Sylmar have not renewed their FHA Certifications. The issue with purchasing 5% conventional as well is that you must check the reserve of the HOA. If you have any question we would love to give you some free..NO OBLIGATION.. information... Creative Lending in the city of San Fernando, CA.... give me a call and I will assist you with your concerns and have one of our loan officers contacted you directly with solutions. Also, your buyers agent needs to be fairly knowledge with the area and do some extra investigation work by contacting the HOA directly and asking them if they are approved for FHA or their reserve for conventional.
661-803-4461
0 votes Thank Flag Link Mon Mar 17, 2014
There are still FHA Approved condos in the San Fernando Valley. You just have to look for them. This comes from a SFV native who just spent nearly a year trying to find and buy a condo in an FHA approved development.

My first reccomendation would be to make a list of cities in the valley you are interested in living in. Then I would reccomend going to HUD's FHA approval roster located at https://entp.hud.gov/idapp/html/condlook.cfm . From there you can identify what condos in that city are FHA approved by searching the cities on you list. I would also reccomend searching by zip code because some condos on the roster have the city entered incorrectly.

Write down the condos that you find that have the status Approved and are not expired. You should include the condo name, condo id, expiration date and address.

Now you have a list of communities that can accept FHA offers. They may not even know they're approved so keep the list handy and share it with your agent so they can better target your listings.

Hope it helps!
Web Reference: http://www.capcamerica.com
0 votes Thank Flag Link Fri May 17, 2013
Hi Mytiah,

Yes there are a few, but because of the recession and new FHA rules there are not a lot. Like Sara said, it's important that you work with an experienced realtor and lender. Let me know if you need any help, and good luck!

Jodie
0 votes Thank Flag Link Tue Mar 5, 2013
FHA approved... NO... ok well maybe there is 2 or 3 complexes left that are FHA approved. Usually if a condo/ townhome comes on the market that is FHA approved, they will have multiple offers, over asking and will be in escrow in 3 days.

You can do a 5% conventional loan but like said before, the HOA's will have to be good financially with their funds in the bank and no pending litigations.

Call Rob @818-340-5900, tell him I sent you and he will take care of everything.

Good luck,

James
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Mytiah. There aren't too many FHA approved buildings left (there are some). It's important to work with an experienced Real estate agent because they will need to confirm on the FHA approval for each condo/townhome listing that's for sale. Feel free to email me at smehr818@gmail.com & I will refer you to a lender that I trust. She can do 5% down conventional. The only thing with that is that the building's HOA will have to be strong financially & have their documentation "in order" because it will be required by the lender.

Good luck,
Sara Mehrpouyan
Rodeo Realty
Direct 818-903-2040
Dre License #01712757

Sign Up for New Listing Alerts by Email Here: http://www.newlosangeleshomesearch.com/
0 votes Thank Flag Link Tue Mar 5, 2013
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