Frankly, I'm surprised you haven't gotten more replies to your question. Iâ€™ve had a busy and eventful week, but your question lingered on my mind. Hopefully, by now you have gotten the answer you needed. If not, I did check with a trusted mortgage loan officer to determine that your development is FHA approved. Part of the problem in resolving your situation is that FHA guidelines are in flux. However, in hindsight, this is a development of townhouse style homes and the ownership type is FEE SIMPLE. In real estate, fee simple ownership is the highest form of ownership. The property owner is entitled to full enjoyment of the property, limited only by zoning laws, deed or subdivision restrictions or covenants. The duration of this ownership is not limited and can be passed along in a will to the owner's heirs. Simply stated, it is the same as owning a similarly deeded single family house. You own the house and the land it sits on or put another way the icing AND the cake.
Again, best of luck to you.
I understand that your agent might be unavailable through no one's fault. Find out who your agentâ€™s office manager is and who the Broker of Record is. Go to him/her and ask for assistance. Donâ€™t wait to do this and keep your agent in the loop via email or voicemail.
In further researching your issue, I came across another website, FHAPros (see below) that claims to have up-to-date data on FHA approved developments. They also claim the HUD's site is no longer current. I have no idea how reliable FHAPros is, therefore I can not endorse them. They do charge a $1.99 fee for their search.
You might also contact the Somerset County Coalition on Affordable Housing (SCCOAH) Phone: (908) 704-8901 to ask if they can help. Ask if BOTH the development and the unit are FHA approved. This is important to know because it could affect your ability to resell the unit to another buyer seeking a FHA loan.
Let me know how this all works out for you. All the best to you.
I'm not certain that I fully understand the question that you are asking. Are you interested in purchasing a condominimum rather than a townhome? If you are purchasing a condo, are you asking if the development is approved for a FHA backed mortgage loan?
Here is a link to seven approved Condo developments located in the Quailbrook section of Franklin Towship, NJ: http://tinyurl.com/5f78fy Just fill-in the local zip code:08873 to find the results.
Smr, if you are trying to figure this out all on your own without a contract to work with local Realtor, I am here to help. If you are concerned about costs, there may be no additional cost to you. Contact me and let's talk.
Web Reference: http://www.realtown.com/mjadamssellshomes/blog