You could purchase it with Cash, a Conventional Mortgage, or it may be possible to get the Seller to give you a Contract for Deed. Even though you cannot get an FHA mortgage, there are other financing options. Contact a good Mortgage Broker they should have the widest range of available options.... more
HUD's guidelines is that up to 50% of the units can have FHA-insured loans and, in certain cases, up to 100% of the units in the project can be encumbered with FHA loans.
The approval process is a matter of submitting the required documents to HUD to get approved, if the project is approvable. Refer to the link below for a list of basic criteria for approval with HUD.... more
I am not an attorney and this is not legal advice. Yes. The selling broker can ask if it is related to the same transaction. I donâ€™t believe the lender or the buyer have to provide the information. However, it may be a term or condition for the purchase agreement and is a negotiable issue. The information in the second purchase agreement should only be shared with approval of the parties to that transaction.
If the request is not related to the primary transaction and somehow the selling broker knows the buyers lender is working on another unrelated transaction but the information would benefit the selling broker in the unrelated transaction, it would be unethical for the selling broker to ask and highly unlikely for confidentiality reasons the lender would provide the information.... more