Home Selling in Garland>Question Details

Roger, Home Seller in Sanger, TX

new condos can we get them approved for fha money

Asked by Roger, Sanger, TX Tue Apr 7, 2009

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4
Hello Roger,

The HOA is very important to research for any purchase specifically FHA financing. You should ask:

-What the owner occupancy percent is within the complex? (Usually 75% is the minimum in my experience lender will accept, 80% I believe is the min. for FHA)
-Is there any litigation against the complex?
-What the dollar amount is of the reserves?

These are all question your lender will ask for. Also for FHA financing you should ask if they are FHA approved or else you will need a spot approval. Sometimes, HOA's will not release this information to buyers or buyer's agents but you can have the listing agent or sellers contact the HOA.

Best regards,

Adam
1 vote Thank Flag Link Tue Apr 7, 2009
Not unless they are 70%+ owner occupied... The best I can find is 11% down and 4.75% interest for owner occupied... http://www.youtube.com/perrytexas
0 votes Thank Flag Link Sat Apr 11, 2009
If there are more homeowners than rentals that is the main concern for a lender. If you provide an address, I'll be happy to check into it.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Tue Apr 7, 2009
as far as i know there should be no reason that a condo wouldnt go FHA as long as it passes all normal FHA qualifications
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Tue Apr 7, 2009
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