Iri225, Home Buyer in Cherry Hill, NJ

What are the chances of getting into a Condo/Twnhse in CH, that is not FHA approved, but is the only type of mortgage I could get at this time?....?

Asked by Iri225, Cherry Hill, NJ Wed Sep 26, 2012

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dcdailey, , Cherry Hill, NJ
Wed Dec 26, 2012
If you still need help feel free to call me at 856-761-.0444. My name is Diane Dailey and I am
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0 votes
Paul Howard, Agent, Cherry Hill, NJ
Sat Oct 20, 2012
1. the odds are better if you use a lender that has some expertise in dealing with condos.
Try Allyson Knable in Marlton with Guaranteed Rate - I believe what she tells me. (856-489-6292 https://www.guaranteedrate.com/AllysonKnable ) Listen to her advice.
2. If the development can't be FHA approved think twice about buying there. The resale market is very limited if FHA financing is not available.
3. The reason it is not FHA approved matters. That status can change.
4. Buying a condo raises additional questions: Make sure you use an agent that knows what they are.

Good Luck.
0 votes
Helene Jeane…, Agent, Metuchen, NJ
Thu Sep 27, 2012
I'm assuming that you want an FHA mortgage for the low down payment? Have you asked your mortgage broker if there are other programs available that might do that for you? Here, we have a "Live Where You Work" program and others. Unfortunately, as stated before, if the complex is not FHA approved (and did you speak with the Property Manager?), you cannot get an FHA mortgage. The reason I ask is that some communities may be applying for or awaiting approval.
0 votes
Jonathan E.…, Agent, voorhees, NJ
Thu Sep 27, 2012
Unfortunately, if a condo community is not FHA approved, you cannot obtain an FHA mortgage for a property in the community.

I am wondering why you believe you can only qualify for an FHA mortgage. Is it because you believe your credit is too low to qualify for a convenional mortgage? If that is the case, you should know that I am aware of lenders who can work with you with 5% down.

Regards,
Jonathan

Jonathan E. Brill, Ph.D.
Realtor Associate
Keller Williams Realty
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Cherry Hill, New Jersey 08003

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0 votes
R. Eric Axel…, Agent, Sewell, NJ
Thu Sep 27, 2012
Hi Iri, unfortunately, this scenario would not be possible for you. If a building/development is not FHA approved, then no mortgage company will give you a FHA mortgage for that building. You could try 5% conventional, but that would obviously require putting more money down.

If you need more help/advice, please email me.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287
axelson@kurfiss.com
Web Reference:  http://kurfiss.com
0 votes
Laquita Baez, , New Jersey
Thu Sep 27, 2012
Unfortunately your chances are next to none with purchasing a non-FHA approved property while
only being approved for an FHA loan. Sorry.
I can assist with helping you find FHA approved properties if you'd like.


Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095

Dream Homes ARE Within Reach!!!
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Thu Sep 27, 2012
If you financing if FHA, the what you buy must be FHA approved. This comes into play with condo ownership. Many of the condos have let their FHA approval lapse which is a real shame. I've even tried offering out my service with the assistance of a willing mortgage rep to assist with the "work" of getting the approval without success.

Banks used to do "spot" approvals, ie individual approvals of units, but that is rarely if ever done anymore. You'll want to focus on developments that have a current approval. Your agent and banker can guide you from here.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Gita Bantwal, Agent, Jamison, PA
Thu Sep 27, 2012
You should work with a real estate agent in the area who will guide you. There are lenders that will finance using other loan products . Is there a reason it should be fha ? You can also see if you can get owner financing if you have good credit and down payment in some cases.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Sep 27, 2012
Good morning,

If the Condo is not HUD/FHA approved then you cannot use your FHA Insured mortgage financing to purchase there, period. The process of approving a Condo with HUD/FHA is so complicated and daunting that it is best for you as a Buyer to move on and locate only HUD/FHA Approved Condos in your area.

You can find the list here: https://entp.hud.gov/idapp/html/condlook.cfm

Trevor Curran
NMLS #40140
0 votes
Janet Larsen, Agent, Turnersville, NJ
Wed Sep 26, 2012
Condos and FHA have been an issue. Legislature is working on some changes but it will take time. Please co tact me since I have had a lender that was able to qualify a buyer for a conventional mortgage with a lower amount down in order to get into these condos. My cell is 856-261-6910. Or email me at njrealtorjan@comcast.net.
Web Reference:  http://Www.njrealtorjan.com
0 votes
Larry Sarlo, Agent, Sewell, NJ
Wed Sep 26, 2012
There are other ways to finance with low money down than FHA with condos, even a program with no down payment... Talk with a mortgage rep or contact me

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Larry Sarlo
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0 votes
Elisa Dewees, Agent, Cherry Hill, NJ
Wed Sep 26, 2012
Getting a condo approved has become more complicated. If not currently approved, the management must be willing to apply AND must qualify. Many lost their approval because due to reasons from too high rental rates, too many owners behind in their fees, too many foreclosures, etc.
Your best plan of action is to find one that is approved now or save a little more and get a conventional loan.
0 votes
Ines De La C…, Agent, Marlton, NJ
Wed Sep 26, 2012
Hello Iri225,
Thanks for your question.
I had a buyer that was interested in a condo in Mt. Laurel that was not FHA approved and the loan officer assisted the Association on the steps to get the FHA approval. It may take some time but he got it done and we close.
Ask your lender representative to help you.
Best Regards,
Ines De La Cruz, Realtor
RE/MAX Connection
http://www.inesdelacruz.com
inesdelacruz@remax.net
609-313-8518
0 votes
Andrew Tisel…, Agent, clifton, NJ
Wed Sep 26, 2012
I once had a client wait for the Condo association to get FHA approval.
The association can qualify by getting the proper insurance
it may also be possible for you to pay for the additional insurance that the association is missing.
0 votes
Albert Rapop…, Mortgage Broker Or Lender, Cranford, NJ
Wed Sep 26, 2012
I can offer 95% non FHA financing on a condo. If interested, call me on 201-604-3485.

Al Rapoport
0 votes
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