new condos can we get them approved for fha money

Asked by Roger, Sanger, TX Tue Apr 7, 2009

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Adam Shoop, Agent, Walnut Creek, CA
Tue Apr 7, 2009
Hello Roger,

The HOA is very important to research for any purchase specifically FHA financing. You should ask:

-What the owner occupancy percent is within the complex? (Usually 75% is the minimum in my experience lender will accept, 80% I believe is the min. for FHA)
-Is there any litigation against the complex?
-What the dollar amount is of the reserves?

These are all question your lender will ask for. Also for FHA financing you should ask if they are FHA approved or else you will need a spot approval. Sometimes, HOA's will not release this information to buyers or buyer's agents but you can have the listing agent or sellers contact the HOA.

Best regards,

Adam
1 vote
Perry Hender…, Agent, Austin, TX
Sat Apr 11, 2009
Not unless they are 70%+ owner occupied... The best I can find is 11% down and 4.75% interest for owner occupied... http://www.youtube.com/perrytexas
0 votes
T.E. & Naima…, Agent, Dallas, TX
Tue Apr 7, 2009
If there are more homeowners than rentals that is the main concern for a lender. If you provide an address, I'll be happy to check into it.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference:  http://www.SumnerRealty.com
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