Home Buying in Moreno Valley>Question Details

Cheryl, Home Buyer in Riverside, CA

What can be done about an Expired condo for FHA. Is there anything I can do write letters or contact someone so I purchase this condo with 3.5% down.

Asked by Cheryl, Riverside, CA Wed Jul 11, 2012

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If the condo is not FHA approved, your lender can start an approval process. That takes quite a long time and no guarantee it will be approved. FHA only allows a certain percentage of FHA loans. Riverside county has an extremely limited supply of approved condo's.
1 vote Thank Flag Link Wed Jul 11, 2012
You could call up the HOA for that condo and ask them if the would co-operate with you in getting that condo back on the FHA condo approved list. You will need lot's of documentation from the condo hoa and work with the HUD center in Santa Ana CA. I also know a lawyer that offers a service to process the FHA approval for you very fast for a fee.
0 votes Thank Flag Link Fri Aug 3, 2012
Hi Cheryl,
My name is Gabino Barrera and I’m a direct lender in Torrance C.A. If you want I could start a process to make the condo F.H.A approve but it might take time and nothing is guarantee. Or I could get you a 3% conventional loan if you qualify. The qualification for this loan is the same as for the 3.5% f.h.a. The min FICO score for this program is 640.

Gabino Barrera
SWBC Mortgage
Mortgage Banker
310-626-1655
23705 Crenshaw Blvd Suite 101
Torrance, CA 90505
Gbarrera@swbc.com
CA-DOC861438
0 votes Thank Flag Link Fri Aug 3, 2012
In my area there are a lot of Condos that no longer qualify for FHA loans. FHA tightened the criteria and those that were approved would be turnrd down when they gave an update letter. FHA increased the percentage of units that need to be owner occupied and tightened the status of late payments and reserves.
Many in my area did not submit for FHA approval because they knew that they would be turned down. In one of the MLS areas that I work we went from about 90 approved associations to 8. Thank thecurrentpowers that be and maybe you can qualify for a 95% conventional loan.
0 votes Thank Flag Link Fri Jul 13, 2012
Nothing you can do if the HOA isn’t eligible or they do not want FHA approval, both are possibilities.

Here is some food for thought, if you have to fight to get in what will it be like when you try to get out? Do you have an exit strategy.

Finally, if the HOA isn’t eligible and it is a horizontal regime meaning no units stacked above another there is something the HOA can do – uncondo the property, a very viable solution to this problem for properties that can pull it off. I linked some info on my blog regarding this subject. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jul 13, 2012
You need to make sure the Condo complex is FHA approved first, as many in Moreno Valley are not.

Visit JulioSanchez.com for more information
0 votes Thank Flag Link Wed Jul 11, 2012
You could contact the previous listing agent or you could contact another agent you like to work with and they can make contact with the owner to see whether they're still interested in selling the condo.
0 votes Thank Flag Link Wed Jul 11, 2012
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