Home Buying in Palatine>Question Details

Balraj, Renter in Palatine, IL

i am looking for buy the fha approved house. In Palatine can i get the fha approved property under 80,000 or not

Asked by Balraj, Palatine, IL Tue Oct 16, 2012

Help the community by answering this question:


A single family Palatine home under $80k will not be possible. However, there are some great condos which may be FHA approved.

Just let me know if you would like some help.

John Meyers, Managing Broker
Meyers Realty & Chicagoland Rentals
Park Ridge, Chicago & All Suburbs
c: (847) 533-7115
0 votes Thank Flag Link Wed Dec 4, 2013
Sure thing. We go all the way down to 75k. If it is smaller than that, I can point you in the right direction of a great lender.

Sean Cochran
Quality Mortgage Lending
"We go down to 600 credit scores"
0 votes Thank Flag Link Tue Apr 30, 2013
Best to sit down for an initial one hour complimentary initial consultation with us - as a lot depends on the many and varied priorities you have, which cannot be intelligently discussed on a forum such as this - without making assumptions. And we prefer to never assume or give advice, without knowing the full picture. Then things will become quite clear for you. If you are qualified and the property qualifies and you use an expert negotiator - absolutely.

As an FYI - it is best to never buy through the listing agent of a property - as they are on the seller's side - so you'd get into a dual agency conflict of interest situation. Best to use an expert negotiator, and one who has no home showing biases - an Exclusive Buyer Broker (they and their companies never list property for sale - and are specialists - not generalists.) And a regular so-called "buyer agent" might push more of their own in-house listings on you - or their own listings. We never list (represent sellers) - so that we may be 100% on the buyer's side - 100% of the time. Buyers can trust our advice and representation, and be assured that there won't be any conflicts of interest, or have their information compromised by shared fax machines, file cabinets, overheard phone conversations, shared buyer feedback with listing agents, or in other ways. They also stand a much better chance of getting a lot better purchase price on their home, as well as loan savings. Feel free to call me at 847-566-7558 to schedule an appointment.
0 votes Thank Flag Link Mon Apr 29, 2013
There are two types of FHA approvals.
a subdivision is approved by FHA where it come to condo and townhome. (It has to be approved if you want to buy it with FHA foundings)
a house will have to be approved by FHA appraiser when you are buying any house and applying for FHA loan (it has to be not only in livable condition but also in great shape as these appraisers are very picky). You should contact good Loan Officer that handles FHA loans such as:

Marty Maher
Loan Officer/Branch Manager
NMLS# 408728
3701 Algonquin Road, Ste 720
Rolling Meadows, IL 60008
Cell: (847) 757-5363
Office: (847) 483-5324
Fax: (800) 840-4815

as there are ways to go around if the house is not perfect in FHA appraiser eyes.


Andrew Malak
0 votes Thank Flag Link Tue Dec 4, 2012
Hi Balraj, sorry no one has responded to you. Are you looking for a single family home, townhome, or a condo?

When you ask about 'FHA approved', that usually refers to condos so that's why I'm asking.
0 votes Thank Flag Link Tue Oct 16, 2012
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