Foreclosure homes available for FHA loan?

Asked by Michael Ho, Fountain Valley, CA Wed Oct 10, 2012

I am thiking about getting FHA loan but wondering if it allows buyers to buy FORECLOSURE homes in Fountain Valley or nearby cities?

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6
PacWest Prop…, Agent, Orange, CA
Fri Oct 19, 2012
You are able to purchase REO Homes with a FHA loan. You can use FHA loan to purchase condo/townhomes/single family residences).

What I think you are trying to say, (can you buy a foreclosure condo/townhome)

I today's market place, All condo's that were previously FHA approved have to requalify. Because the requalifying process requires condo association assistance and time, listing agents and REO companies have no interest in trying to get the condo's re-approved and will only look at conventional financing offers.

If you would like stratigies to get around this problem, contact

Scott fredrickson
Brentwood Pacific Financial
714-771-3800
0 votes
Tony Shrikian, , Fountain Valley, CA
Wed Oct 10, 2012
Michelle Mattera did give good information about purchasing a condo with an FHA loan. The condo complex has to be FHA approved in addition to the condo itself.
0 votes
Brian Wilson, Agent, Laguna Beach, CA
Wed Oct 10, 2012
Hello Michael,


Michelle Mattera answered the question the best. It is possible to buy any home with an FHA loan (and these have awesome loan rates now too). But the home has to meet basic liveability criteria and in some instances (condo) the community has to be approved for FHA loans. If the community is not currently approved your lender can get the approval if the development meets certain requirements and the HOA is willing to assist.

Good luck with your search,

Brian Wilson, Realtor
DRE# 01321478
949-933-0852
0 votes
Tony Shrikian, , Fountain Valley, CA
Wed Oct 10, 2012
Michael Ho,

Yes, you can purchase a foreclosure home with an FHA loan,whether it is a Short Sale or bank-owned, as long as the property is in a condition that an FHA appraiser will approve. For example, the property has to have a functioning kitchen, bathroom(s) and furnace. Also, the property has to have flooring, no broken windows and other criteria. Keep in mind, FHA loans are for owner-occupied homes, not investment homes. There's only one instance where a buyer can purchase an investment property with an FHA loan. That is for the the purchase of HUD-owned properties. If you're considering HUD homes, I'm a HUD-certified agent with a HUD-certified broker,

Regards,
Tony Shrikian
Century 21 Beachside
Fountain Valley, CA 92708
Cell - (714) 614-7381
TonyC21@att.net
DRE License #01361691
0 votes
Michael Folg…, Agent, Hunting, CA
Wed Oct 10, 2012
Yes Michael. I have a list of pre foreclosed and foreclosed properties that meet FHA requirements in Fountain Valley or nearby cities.

Feel free to call or email me or visit my website.

http://www.socalrealestateinfo.com/
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Oct 10, 2012
Absolutely! As long as the home meets the minimum property requirements!
0 votes
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