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What to do if a condo is not FHA approved but I still want to buy?
I'm trying to buy a condo but halfway through the paperwork we found out that its actually not FHA approved like the listing agent listed it as. We can't do a spot approval because of the right to first refusal or whatever. My loan guy is going to call me after the weekend with info on another product, but I wanted to have as much information as I could get before he calls.
Does anyone have some suggestions of where I can look? Thanks in advance.
- A DLv 51 decade agoFavorite Answer
Your lender may be able to get you into a conventional loan program that will allow you to purchase this condo.
I'm not sure what other type of loan program you could get. I would be very wary of any non-traditional loan program if one is offered to you. I have noticed some of those "fishy" types of loans coming back...again.
- 4 years ago
There could be a apartment situation as many times 80%-ninety% of the apartment would desire to be proprietor occupied. this might reason FHA to tug that is approval score from the apartment. yet another element is that the apartment homeowner's affiliation ought to be in litigation, hence FHA nor the different huge-unfold lender will lend on the apartment till the homeowner's affiliation solves it litigation situation and isn't any longer in litigation. The builder would have element needed that would desire to be achieved and accomplished previous to an approval by skill of FHA. this could be a significant or minor merchandise or products. If FHA has pulled that is approval score then no lender huge-unfold or authorities might lend or fund a private loan own loan to purchase a apartment in that complicated till despite the fact that led to FHA to tug their approval score has been solved. i'm hoping this has been of a few earnings to you, solid good fortune. "combat ON"