Home Buying in 94124>Question Details

Diane Wesley…, Home Buyer in San Francisco, CA

We just qualified for FHA financing, but found out the property doesn't qualify because the HOA is only

Asked by Diane Wesley Smith, San Francisco, CA Sun Mar 29, 2009

comprised of two units. Can we get an exception? Initially this was part of a PUD and they broke it up into two unit HOAs.

Is there an exception for us?

Thank you very much,
Diane
San Francisco, CA

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Answers

5
Hi Diane, the only one who can apply for the exception is your mortgage banker. Ask them if they can push it thru, if not you need to move on to the next property.

Best,

Dave Tap Tapper
Realtor
Cashin Company
http://www.DavidTapper.com
Redt4u@aol.com
415-370-7195
Web Reference: http://www.TeamTapper.com
2 votes Thank Flag Link Sun Mar 29, 2009
Hi Diane,

Yes, you might be able to get FHA "spot approval" for the condo building. There is a very limited number of condo buildings in San Francisco that qualify as pre-approved for FHA financing. I have a list of the 16 San Francisco condominium projects (some old, some new construction) that are already FHA approved.

However, FHA loans are excellent options right now. I recently helped clients buy a wonderful home through FHA with 3% down payment! They got a 30-year fixed interest rate loan of 5%!!

Make sure you are working with an FHA experienced mortgage broker/banker AND real estate professional as your buyer's agent.

FHA loans are great but are more complex and you need a solid team helping you out. Contact me or another Trulia Pro to see how we can help.

Best of luck,
Danielle

Danielle Lazier, San Francisco Realtor
Zephyr Real Estate
415.731.5000 x158
danielle@sfhotlist.com
http://sfhotlist.com/blog/index.php
0 votes Thank Flag Link Mon Mar 30, 2009
Diane,

Hello. Definitely touch bases with your lender to determine if the lender will allow an exception for this particular situation. Your Realtor should be able to help you manage this as well and can help to find out more detailed information to help find a solution for your situation.

Good luck!

Lisa Cartolano
Alain Pinel Realtors
0 votes Thank Flag Link Mon Mar 30, 2009
Dear Diane,

As they said below, only your banker or mortgage broker can answer that question. If you are searching for other names, ask your Agent. He or she should know a ton. You can also go to my website and click on RESOURCES and then mortgage brokers and call any of them. I would try Serena Greening, Miles Grant or Robin Powell.

Good luck,

Sally
0 votes Thank Flag Link Sun Mar 29, 2009
Refer the question to your loan officer.

Anna
0 votes Thank Flag Link Sun Mar 29, 2009
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