Just found out a condo I want to purchase is not FHA approved. What options do I have no that spot approval is gone?

Asked by G08, Lakeview, Chicago, IL Mon Feb 15, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Laura Karamb…, Agent, Downers Grove, IL
Wed Feb 17, 2010
Hi Again- Your best bet for the information regarding the fees for a 95%LTV vs. FHA.... or if it would be better to put more down.... is to call my lender directly. You can send me an email and I can give you his information.

I hope this helps!
0 votes
Chris Covalle…, , Chicago, IL
Tue Feb 16, 2010
Hi G08, even though the property is not currently FHA approved, ii may still be possible to approve the project and secure FHA financing. I am not sure if you have any of the relevant building info (presale #'s/total units, budget, etc.) but I would be happy to review this information w/ you and determine if FHA is still a viable option. Otherwise, you may have to seek conventional financing which would also be looking at similar building approval criteria as you would w/ FHA. I am based in Lincoln Park so please let me know if you have any questions and then I can do some research on the building. Thanks,
0 votes
G08, Home Buyer, Lakeview, Chicago, IL
Tue Feb 16, 2010
Does that wind up having more interest or hidden fees compared to a FHA loan? Also, am I better off putting 10-20 / 25% down?
0 votes
Laura Karamb…, Agent, Downers Grove, IL
Tue Feb 16, 2010
That has been a problem with all of the FHA guidelines changing. I have a lender who offers a 95% LTV on a conventional loan and have been offering that to my clients who are interested in properties that are not FHA approved.

If you are working with an agent they should be able to give you suggestions or provide you with lenders they work with.


I hope this helps!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more