Are there any restrictions on the types of properties that can be bought with an FHA Loan, In Staten island?

Asked by Larry, 10314 Fri May 27, 2011

what are the quick basic things i need to know before thinking about FHA loans and houses? Such as percent down and fee's .

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Wilimagima, Home Buyer, Fort Worth, TX
Wed Jul 22, 2015
When viewing a property, an appraiser is required to note those repairs necessary to make the property compliant with FHA's minimum property requirements. The appraiser determines whether repairs, alterations or inspections are necessary. Some conditions automatically require repair. Above everything else, make sure the water and the electricity are turned on!

Some require further inspection by an expert, and some conditions are considered only to be cosmetic. Repairs that are automatically required involve the protection of the HEALTH and SAFETY of the occupants and the SECURITY and SOUNDNESS of the property.

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1 vote
Molly Hay -…, Agent, Columbus, OH
Fri May 27, 2011
FHA loans qualifications are pretty standard across the board. FHA loans require the home to be in livable condition at the time of closing. The loan requires 3.5% down and the closing costs would vary depending on the lender you use. A private bank would have lower closing costs than a mortgage broker. If you are working with a realtor ask them if they know a good lender for you to call and get quotes on. After you have determined a lender your realtor can help you determine which homes are FHA approved and which homes aren’t. If you happen to fall in love with a home in need of repair ask you lender about the 203k Streamline loan. It is an FHA product that allows you to borrow up to $35,000 to make repairs to the property. I wrote a blog about it and attached it below if you want more information. Good Luck!
1 vote
Christopher…, Agent, Staten Island, NY
Thu Sep 1, 2011
All good answers below. One more thing: you can only obtain FHA loans on properties you will live in (even if it's a 2-family house and you will rent out the second unit). Investment properties or commercial buildings do not qualify for FHA financing. Hope this helps!
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0 votes
Elizabeth Del…, Agent, Staten Island, NY
Thu Jun 16, 2011
Fha is good if you have little money to put down. It is one of the few loans that allow you to put as little as 3.5% down. Just be aware of the fact that condos are very limited. Majority of condos on staten island are not fha approved so your only options will be town homes, semis, or detached. If your a first time homebuyer, or havent owned a home in 2 years, you might want to look into SONYMA. Its a great program that allows you to put as little as 3% down and get 3% or up to 15,000 (whichever is lowest) as a grant at closing. There are some qualifications, but they really arent strict.
Please dont hesitate to call me with any questions :)
Elizabeth Del Priore
0 votes
Dorene Marino, Agent, Staten Island, NY
Fri May 27, 2011
Just so you know, not all Condo's are FHA approved in case you were thinking of buying a Condo. An agent will be able to tell you if a particular development is FHA approved or not. In most cases, no need to worry is you're buying a house or townhome.

Dorene Marino
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri May 27, 2011
If you haven't done so yet, do visit with any qualified loan officer, he/she can best answer any questions as they relate to you and your specific situation; see link below regarding FHA information.
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