I've already been approved for an FHA loan and wanted to know about FHA approval in regards to a townhome.

Asked by Aggie, Glendale Heights, IL Wed Mar 17, 2010

I've read that only condos require FHA approval and townhomes don't. In other scenarios I've read that townhomes are considered condos so FHA approval is required. I'm new to this process and about to start looking at properties but want to have my facts straight before I start.

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Michael Hagen, Agent, Elmhurst, IL
Mon Mar 29, 2010
Many complexes are already pre-approved for FHA financing. But your Realtor will need to get information from the association regarding their financial position as well as other factors that could disqualify the complex for FHA mortgages. Also be aware that the property will be inspected by an FHA "appraiser" and if there are problems with the property, they will need to be fixed before you can buy the home. Make sure that the lender and Realtor you are working with have recent experience with FHA mortgages, because a lot has changed in the last 12 months.
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Evelyn Santi…, Agent, Oswego, IL
Wed Mar 17, 2010
Talk directly to your loan officer regarding this. May depend on the townhome project, association, occupancy, etc. No overall answer so call your loan officer and he can check with his underwriting group. Townhomes are usually easier than condo's to get FHA financing but the rules are in flux so until you find the home it's not possible to give you a full answer.

You can search for homes free on my website: http://www.foxvalleychicagorealestate.com

Good luck on your search!
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