Home Buying in 19127>Question Details

Dwinnike, Home Buyer in 19127

Are rowhomes in Philadelphia FHA approved or can they only be purchased with a conventional loan?

Asked by Dwinnike, 19127 Wed Aug 4, 2010

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6
Kate Joynt’s answer
Most likely the row home will be FHA approved; it's only if it's classified as a condominium that eligibility is questioned. The only reason FHA wouldn't approve the row would be if the property had significant repairs that could not be taken care of before settlement. An FHA inspector/appraiser will visit the property to approve of the condition and possibly require repairs such as, but not limited to: making sure property has a railing anywhere there are more than three steps, repaint any areas with peeling paint, repair a broken window, etc.
0 votes Thank Flag Link Wed Sep 29, 2010
No FHA approval is required for a rowhome or townhome unless it is classified as a condominium. If it is a condominium, make sure to work with a lender to check if it is FHA approved or Fannie Mae approved. Condominiums have gotten more difficult to approve. Not impssible, just more difficult.
Ed Fallon, MBA NMLS#144708
Arlington Capital Mortgage
610-308-9001
0 votes Thank Flag Link Fri Aug 6, 2010
Hi D. You have a great answer below from Alexander. Why not give him a call and let him find the best loan for the house you want to buy? This is what Trulia is all about, networking with people that really and Truli-a want to help!

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Fri Aug 6, 2010
If a townhome is privately owned it may or may not qualify for FHA financing. FHA has certain criteria that a house must meet in order to qualify for FHA lending. Such as railings on stairwells, entrance ways, electrical, and more. It is not based on the owner or ownership. However, if it is a condominium community then the condominium association must file and have the condominium FHA approved before individual condominium owners can sell their condo through FHA financing. Many sellers prefer not to go with FHA financing because it costs them more to sell their property. Check with your agent or go to http://portal.hud.gov/portal/page/portal/HUD/federal_housing… for more information.
0 votes Thank Flag Link Fri Aug 6, 2010
Hello Dwinnike,

Only the Condominiums have to be qualified. Rowehomes are good for most type of loans.
I have a Lender i work with "United Capical" As long as your Cridit History is good and your Debt to Income ration is fine they can get you a loan. Have you started looking yet?

Why don't you give a call or email me. I will find you a nice home in 19127

Alexander Shulzhenko
Realtor®
Advance Realty One
realexs@gmail.com

http://www.eRealtyFind.com
(267) 738 0886
0 votes Thank Flag Link Fri Aug 6, 2010
As long as you intend to occupy the home yourself, yes. Row homes are eligible.
0 votes Thank Flag Link Wed Aug 4, 2010
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