Property Q&A in Atlanta>Question Details

David Lengli…, Home Buyer in Atlanta, GA

Can this place be FHA approved?

Asked by David Lengling, Atlanta, GA Wed Mar 14, 2012

Is this property FHA approved? If not, is it possible to get this unit FHA approved? Unfortunately since I am a first time home-buyer, I can only get approved for an FHA.

Thanks,

David Lengling
david.lengling@yahoo.com

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This question is about this property: http://www.trulia.com/property/3064854023-3829-Chattahoochee…

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Answers

4
David, first off, the particular home you are inquiring about is already Under Contract. There are other 3 Bedroom/3 Bath homes For Sale in Chattahoochee Bluffs.

I checked the FHA website and the community is not listed as being approved. FHA no longer will do what was called "spot approvals" where they would approve just one unit or home. Now the entire community must be approved.

I'd be happy to assist you in finding out if the community has started the process enabling you to purchase there in the near future. If not, perhaps we can find you other options in the area?

Let me know how I can help!
0 votes Thank Flag Link Wed Mar 14, 2012
According to the HUD website, Chattahoochee Bluffs is not an approved FHA property (https://entp.hud.gov/idapp/html/condo1.cfm)... you'll want to consult with a great lender (and I know the two previous answerers are both great) for a final determination.

Ask them about other programs that may help you into a home of your own.
Web Reference: http://www.ccratl.com
0 votes Thank Flag Link Wed Mar 14, 2012
If the property is legally classified as a condo, an HOA Questionnaire and all other related documentation must be received and reviewed. There is really no way to know for sure about whether or not the project will meet current FHA approval standards until that occurs.

Prospect Mortgage is a DELRAP approved lender by HUD, so we can FHA condo project approvals.

For a property that is legally classified as a townhouse, there is no FHA approval for the project required. The appraisal just has to meet minimum property standards.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Mar 14, 2012
It's a townhome so it's Fee simple so yes you could go FHA. Now FHA upfront MIP goes from 1% to 1.75%
starting April 1st and so does the monthly FHA MI. Now if you have a 660 credit score you can go conventional
and the minimum down payment is only 5%. It's actually cheaper to do that. Keep in mind you will have to have 2 months reserves though after the down payment. Call me with any questions 404-579-9802.
0 votes Thank Flag Link Wed Mar 14, 2012
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