Home Buying in Canton>Question Details

Lindsay, Home Buyer in Boston, MA

I have been looking for a condo for sometime now and recently found a great condo in Canton. The only

Asked by Lindsay, Boston, MA Sun Aug 3, 2008

problem is the association is not in control; the developer is (he's also the selling agent). This sets me back a lot; reason being that the developer/agent does not work with FHA loans; the loan I I am going with. The developer/agent informed my realtor and I that 2 people did not buy, because of the issues with FHA. In addition, the grant program that I wanted to use, would be acceptable, but that program is ending sometime this month. I feel defeated now. Two questions -1. What are the ramifications when the developer is in control of the association? , and 2. What are my options as far as the loan goes?

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Given the limited information, I'll try to answer your question. The FHA needs to approve the complex. They have particular guidelines, most important being how many units one party possesses within the complex. In this situation, since the association has not taken over the complex the developer must still have a large number of units available. If several are under agreement you may be able to get an exception. The other factor is rental to owner percentage, needs to be within a certain range. Also the complex approval can take several weeks. You will not receive loan approval until the complex is approved. Good luck.
0 votes Thank Flag Link Sun Aug 3, 2008
FHA you have non. The association has to be in control for 12 months.

There are other programs that may work for you depending on income and what you have available for down payment.

MHFA allows 97% financing
My community allows 100% No declining market restrictions.
0 votes Thank Flag Link Sun Aug 3, 2008
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