Home Buying in 94903>Question Details

Ida Baugh, Real Estate Pro in Tiburon, CA

How do I find out if a townhouse qualifies for a FHA loan?

Asked by Ida Baugh, Tiburon, CA Sat Nov 13, 2010

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Ida as an agent that has over 20 years of experience you should know the answer to this so you must be asking this question to start a discussion. Any new agent should get the training from their broker on how to act as a buyers agent in our current environment. That would include availability of programs funded by the NSP and how to find FHA qualified properties for people with just a little money saved or damaged credit. On the flip side of that, also how to find if a property is not FHA approved as it takes a different type of buyer. I just helped a buyer close in August on a non FHA approved condo. Because of the number buyers that can only purchase FHA non FHA approved units in my area move slowly. They were able to purchase the propery for less than it sold for new in 1996.
0 votes Thank Flag Link Sun Nov 14, 2010
I would also check with a motgage broker, because I think there is still a possibiltiy that you can use an FHA loan when the complex is not on the approved FHA List. The Esterhuizen's in my office have done alot of short sales in Novato, specifically on Condos and they have managed to get FHA loans to close on complexes not on the approved list. Jari Esterhusizen told me she had to jump through a lot of hoops to get them done but they did manage to close. The only bummer is if you are in a multiple offer situation, if there is a buyer without an FHA loan, the seller is going to go with that buyer. As I'm sure you already know!
Good Luck!
0 votes Thank Flag Link Sat Nov 13, 2010
Ida,

There are lists put out by the U.S. Department of Housing & Urban Development. You can also look to see if any sold units in the development mention a FHA loan in the financing section of the sold data. Even if a property is on the approved list, it must still have acceptable owner occupancy ratios and less than 15% deficiencies for the HOA dues.

You can get the lists from the HUD website or from the buyer's mortgage broker or lender.

Mary Kay
0 votes Thank Flag Link Sat Nov 13, 2010
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