I provided you with a link to the FHA Resource Center. There is an area on their site where many questions are asked and answered. Single family homes are usually approved for FHA financing as long as the price parameter and the condition requirements are met. If you are looking for attached housing (condos & townhomes)...those need to be approved for FHA. One issue for non-approval on attached housing is if their association has the clause "1st right of refusal". If the association removes that clause, you may be able to get on the spot approval. There is also a 51% owner-occupancy requirement on new loans with FHA in a condo/townhome community. Here is a site from FHA that will allow you to look up attached housing communities to see if they are approved..
I hope this information helps!
Single family homes and townhouses are good for FHA, just make sure that a townhouse is not registeded as a condo if so the develpoment would need to be approved.
If you are looking for homes that are "FHA Insurable" and/or "203K Eligible", I might be able to help you. In an effort to help, I would need to know your goals for purchasing a FHA Approved home. What part of town? What is your price point? Why are you purchasing the home? etc. etc.
If you'd like to talk more about these goals, please feel free to call or email me at any time.
David A. Patterson, Broker CRS
Keller Williams Realty
4400 Saint Andrews Road
Columbia, SC 29212
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"A journey begins with a designation in mind."
In general FHA will insure the mortgage of most residential properties including multi-family properties. I recently completed a continuing education class on FHA mortgages. The process requires the home being under contract for the FHA to then appraise the property to determine if it will be insured. FHA insured homes allow for a 3.5% down payment program. You do need to speak to your lender to gain a pre-approval letter to determine the amount of mortgage you will qualify for prior to actively doing home search.
By the way I need a statement letter for a property in an HOA that is closing end of this month. The title company has called and left a message for the person, emailed twice, and has not received a reply. They called again today and were told that they needed to be patient and the person that does that will call them back.
We need a good management company in our area but the poor ones seem to get hooked up with the builders and once in place seem to stay.
In Northern California most lenders will not even look at a traditional FHA backed loan on the foreclosures. Have a 203k loan? Forget it if it's a foreclosure. No banks will touch it. The guidelines are too strict and they don't want to wait 60-90 days for your loan to close.
The realtor is not an inspector. They are the ones who ultimately deny or approve a property for FHA financing. It can be very subjective. Good luck on your FHA hunt. You'll need it.
Randy is correct is stating that all property would qualify for FHA financing. To add to that, it is not the property in question, it is the buyer. As long as the property in question falls within the buyers qualification parameters (Price and affordability Range) he/she will be able to purchase. For more information on properties in Columbia, SC please visit http://www.cbunited.com/howardrose
All properties qualify for FHA financing as long as they are within the particular guidelines for your particular loan parameters. What price range are you looking in? There could also be a location issue depending on how rural a property you are looking at. Where are you looking?
I have been a Realtor in Columbia for over 17 years and recently moved to the Fort Mill, SC area but still help people buy and sell real estate in Columbia.
I will be happy to pull every single property that meets your criteria and email the listings to you.
Good luck and take care