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But buyers beware: Some say FHA could become the new subprime. FHA loans are popular because, in a tough lending environment, they lender against losses in the event that the homeowner defaults.
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FHA, which is a branch of the U.S. Department of Housing and Urban Development (HUD), insures reverse mortgages on single-family homes, as well as manufactured homes and condominiums that meet certain FHA requirements. Since a HECM is an FHA loan, an entire condo project must apply to HUD and be granted approval before a buyer can purchase a.
FHA does not have a limited review process as is available for conventional loans. Instead, FHA maintains a list of approved condos. FHA approved condos are available in most towns and cities.
FHA loans are a great option for many home buyers, but if you’re looking to buy a condo, make sure to do your research on the most current FHA regulations regarding condo loans. It’s also a shrewd move to work with realtors who have experience with the various financing options for downtown San Diego real estate .
As of 2011, you can only apply for financing on a condo loan if the entire condo complex has already been approved by the FHA. The FHA does not grant its approval to condos that are split into multiple units, such as when several groups split a single condo into several housing units.
For new purchase, rehab loans, and refinance loans it will be important to establish the nature of the property (condo, town house, etc. but regardless of the property type, an FHA loan cannot be used for certain properties even if they are in structures that are technically FHA-approved.
Some condo communities do not allow FHA loans ..why ? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Now, any condo buyer with an FHA loan must stick to an FHA-approved. This programs aims to help them. What does it mean to me? Refinancing in this manner will probably hurt your credit, and.