Home Buying in Santa Ana>Question Details

Di Randel, Home Buyer in Newport Beach, CA

I qualify for a condo across from south coast plaza, but, I need a FHA loan it's on leased land. How do I find a lender?

Asked by Di Randel, Newport Beach, CA Fri Feb 12, 2010

do you have any list of mortage companies that will do this? I really want this home. I am a first time buyer

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Answers

3
Hello Di,
When you say that you qualify for the condo, do you mean that you have an accepted offer? Or just that it is in your price range?
Unfortunately not all properties, especially condos & town homes are qualified for FHA loans- even if you are.
Here is a link that is very helpful & it is actually by the the U.S. Dept. of Housing & Urban Development (H.U.D.):

https://entp.hud.gov/idapp/html/condlook.cfm

It will let you know if the property can be purchased with an FHA loan.
It almost sounds as though you do not have a REALTOR (or agent) working for you. It will really make your home search much easier to have help & as a Buyer it's FREE! so totally take advantage of us!
If you need more help or a referral just let me know.
Have a great day!
Trevolyn
0 votes Thank Flag Link Sun Jun 6, 2010
The website listed below has the law and requirements regarding an FHA loan on a Condo. Make sure to read the entire page because it seems like there are a lot of different ways to qualify.

http://www.fhainfo.com/condos.htm
0 votes Thank Flag Link Fri Feb 12, 2010
I would be happy to help you with that. I am a REALTOR, not a lender, so I might be more impartial than some of the posts you might see. Look at my home page, down closer to the bottom third) and feel free to call them. Are you a teacher? Public servant? There are some special loans that might fit. Also, I don't get a penny from my lenders, but they have proven to be reliable and far and very responsive to my clients' needs.

Also, if you have a realtor, they might have a contact for you. Do you already have the offer approved? Please feel free to call if you need any help with this. The best steps for buyers are 1) get your loan approval, 2) get the property, and then 3) trust your realtor to help you through the process.

Good luck,
Bonnie

Bonnie Scribner, REALTOR, QSC
DRE #01447853
Cell: 714.296.0513
Century 21 Discovery
Bonnie@BonnieTheRealtor.com
http://www.BonnieTheRealtor.com
0 votes Thank Flag Link Fri Feb 12, 2010
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