I'm trying to purchase a townhome thru fha, but cannot find any townhomes accepting fha.

Asked by Jcpner, Sylmar, CA Wed Apr 7, 2010

Looking for a 2bd, 2ba with at least a minimum of 1000sq.ft for under $150,000

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5
Matt Taylor, , North Carolina
Wed Apr 7, 2010
In some cases you can get a spot approval by the lender. However there are other things you need to be concerned with as well. The occupancy % of the complex. If it is under 50% owner occupancy or if the association is over 15% delinquent in their dues the lender is likely to reject the complex for financing.
1 vote
Matt Taylor, , North Carolina
Thu Apr 15, 2010
Nicholas hit my response. Many "townhome" style properties are legally condos and subject to the same rules and FHA approvals as a traditional condo would be. If you think about it a "townhome" is not a property type in the lending world. It is a condo, or attached PUD.
0 votes
Nicholas, , San Francisco, CA
Thu Apr 8, 2010
Hi Jcpner,

for fha approved condos, use this search engine: https://entp.hud.gov/idapp/html/condlook.cfm

Townhomes is a term that is thrown around but it's just a term that sounds better than the original term, "rowhouse". Anyways, it is used to describe both attached condos or pud's (planned unit developments). If the townhouse you are interest ed in is legally a pud, you should be okay. If it is legally a condo, you should probably try to choose one off the search engine above.
0 votes
, ,
Wed Apr 7, 2010
That may be your issue Jcpner, you might be trying to find out if a townhome is FHA approved, when it does not have to be if it is not a condo.
0 votes
Bob Georgiou, Agent, Danville, CA
Wed Apr 7, 2010
Townhouses? That sounds odd. I thought townhouses were exempt and that Condo's had to be FHA approved. Check with your lender.
Web Reference:  http://bob2sell.com
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