Home Buying in Malibu>Question Details

Katie, Real Estate Pro in Malibu, CA

As long as the loan amount is within the FHA guidlines will any home or condo qualify, that is in good condition? I found a condo in Malibu for $595M

Asked by Katie, Malibu, CA Sun Jan 9, 2011

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Any SFR or PUD without safety and health issues is eligible for FHA financing. FHA finacing for condominiums requires the project to be approved or to become approved prior to closing. HUD maintains a list of approved projects with public access. If the project is not currently approved it needs to meet the criteria spelled out in Mortgagee Letters 2009-46 A & B to become an approved project which are also public information.
0 votes Thank Flag Link Mon Jan 10, 2011
So long as the complex is approved for FHA financing & with a new HOA demand statement ea. lender will have their own rules as to how many units need to be owner occupied in order for them to give you or your client an FHA loan.

Condition is an issue, but so long as there are no broken windows or exposed flooring (actual hole in floor) (not necessarily that flooring is missing), FHA will give the loan. Oh, there also has to be an operable stove.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sun Jan 9, 2011
Have your lender verify that they will lend on a specific project. Usually the listing agent knows.
0 votes Thank Flag Link Sun Jan 9, 2011
Katie $595 million? I am sure you meant $595 K as in thousand.:))) Keep in mind many sellers shy away from FHA offers in this market, they rather see all cash offers or conventional loans. Good luck and happy selling in 2011.
Web Reference: http://www.endrebarath.con
0 votes Thank Flag Link Sun Jan 9, 2011
Hello Katie,

Not all Condos qualify for FHA financing. The following website should help you find out if the one you are intersted in qualifies. https://entp.hud.gov/idapp/html/condlook.cfm

Please let me know if you need help finding The Right Property at The Right Price.

Best Regards,
Catherine Bedrossian
REMAX EXECS Home Sales Pro
(310) 383-4212
catherineb@socalhomefinds.com
http://www.socalhomefinds.com
0 votes Thank Flag Link Sun Jan 9, 2011
Hi Katie,

Not all condos will qualify, even if they are in good condition. The complex itself must be approved for FHA financing by HUD (Dept. of Housing & Urban Development), and that is determined by additional factors than just the condition, such as the financial reserves of the HOA, etc..

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Sun Jan 9, 2011
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