Benji, Home Buyer in 01603

Will FHA finance a FHA on townhuse condo?

Asked by Benji, 01603 Mon Feb 21, 2011

Will FHA finance a two unit townhouse condo with no hoa dues? Owners share the land and own the exterior. There is a master policy but no HOA. They resemble sfr attached but are sold as condos.

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Answers

6
Heidi Zizza, Agent, Framingham, MA
Tue Feb 22, 2011
Benji duplex units are more difficult to get an FHA loan for. I am working with someone right now who is purchasing the same thing and they are going conventional with 5% down. Try to negotiate seller contributions for closing costs to help make up the difference. If you need a buyers agent you can contact me at 508-277-2032.
0 votes
Pacita Dimac…, Agent, Oakland, CA
Mon Feb 21, 2011
If the complex is FHA-approved, then yes.

But do find out first if it's on the list of approved projects. Here's a link.
http://www.myfha.net/FHAguidelines/FHAcondos.html

Also asked your lender -- he/she should have the most current guidelines for FHA lending for condos.

Good luck.
0 votes
Simon Dirazo…, , 01757
Mon Feb 21, 2011
This information comes right from the FHA web site;



"FHA Condominium Loans are specifically geared toward those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development's common areas and facilities, is for some a very popular alternative to home ownership. Insurance for this type of housing is provided through FHA Section 234(c). This FHA insurance is very important for low and moderate-income renters who wish to avoid the risk of being displaced when their apartments are converted into condominiums."



We as Realtors partner with many different types of Loan officers that specialize in all types of mortgages to suit every individual buyer.



There are programs to fit most every need and circumstance.



I would be happy to put you together with a number of very qualified loan specialists.



Best regards,



Simon Dirazonian

ERA Key Realty Services, Milford, MA

774-249-1325
0 votes
Robert Lee, Agent, Arlington Heights, IL
Mon Feb 21, 2011
The condo has to be FHA approved in order for FHA to finance. Please refer to website below.

Good Luck,


Robert E. Lee
Exclusive Real Estate Ltd.
Realtor
Cell: 847-454-5669
0 votes
Rob Haser, Mortgage Broker Or Lender, Hopedale, MA
Mon Feb 21, 2011
The condo must be on the FHA approved list of condos. Typically, these condos are the larger condo complexes vs. a 2 unit townhouse condo. Here's a link to the approved list of fha condos:

https://entp.hud.gov/idapp/html/condlook.cfm

You can probably get fannie mae financing if you can put down 5 percent vs. the 3.5 percent under FHA.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Mon Feb 21, 2011
Talk with your lender FIRST before submitting an offer. If you are not pre-approved, see a local lender. If you dont know of any, start with your local bank as you already have a professional relationship with one.

I close on a condo next week, and it was approved for conventional only, could not get FHA. Majority can not be approved on FHA and speak with your lender as to why but it would be prudent to make sure you can get a loan on it before even submitting an offer. Good luck.

Spirit
0 votes
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