Asked by Jwag, Brooklyn, NY • Sat Apr 7, 2012
I am thinking of buying a condo in an up and coming neighborhood. I found one at a great price but it is not FHA approved. I plan on staying there for a long time ( well over 10 years) Is it possible within this time to obtain FHA approval. I can afford the condo without a mortgage or perhaps a very small one, so I would not need an FHA approved loan. However, I do realize that without an FHA approval I may have difficulty selling in the future, which is definitely the reason for the incredibly affordable price now. It is a 1025 square foot apartment with a finished basement and a backyard. It is really a sweet deal for the money, however I don't want to get into something that will eventually bite me in the ass. Does anyone have any input on this? Thank you
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