If itâ€™s a normal single family home, then it qualifies for an FHA loan based on condition. FHA wants to make sure that upon occupancy, you can:
â€¢ Open, shut and secure windows and doors,
â€¢ Cook a meal (appliances should be in place),
â€¢ Use the restrooms with no restrictions,
â€¢ Turn on the heat,
â€¢ Be sure the roof wonâ€™t leak the first time it rains,
â€¢ Not have to deal with exterior wood finishes (peeling paint has become a big issue),
â€¢ And so on.
The property has to be habitable. Here is a link that explains in more detail:
As pointed out below, if it is a condo (and MANY townhouses are also classified as condos), then it has to be on FHAâ€™s approved condo list. Developments on the list have met the basic FHA requirements, such as a limited number of units in default on their HOA dues, high owner/occupancy rates and so on.
You can check out the list yourself at the following site:
FHA loans are the most common loans in the county, so it may be allowed for the property. Any restrictions would be due to it's condition. The 203k rehab program is also a possibility with structures that need work. Without knowing the address, it is impossible to answer your question. Please send us the address so we can give you accurate information.
Everything Ken said is accurate. I'll find out for you if the property can be bought using FHA. Send me the address and I'll get your answer by tomorrow or sooner. You can email me at firstname.lastname@example.org or call me at 925-382-7294. I'm at my desk now. Regards.