Just thought I would let you know too that you can get some complexes FHA spot approved. I work with Jan Preslo at Countrywide Home Loans and she recently got one approved for me in Signal Hill in 4 days. So that allowed my buyers to purchase the REO we made an offer with 3% down. One of the main questions you need to find out first, is how many of the units are currently rentals and not owner occupied. FHA has a requirement that there be at least 51% owner occupants in the complex. Also, there will be a larger downpayment requirement for FHA in January. It will be 3.5%.
If I can answer any other questions, or you would like to speak to Jan Preslo, just email me at email@example.com and I will be glad to provide her information. She is an excellent lender and I have worked with her for over 20 years.
To reach me by phone for any other questions, feel free to call 714-296-7270 or visit my website at http://www.barbararobbinsolexa.
com for more Buyer/Seller Q&As regarding the real estate process.
Broker, E-Pro(R), SRES(R)
L B Brokerage