loans for a mobile home Mobile Home Lending Options: We’ve Got You Covered – Mobile nature – Traditional loan methods and mortgages are built around the idea of “real-estate” and that the home cannot be removed from the property under any circumstances. Since mobile homes can be moved pretty much at will, this creates disagreement in how they should be handled.
How do I get my condo FHA approved? | Yahoo Answers – I am selling my condo and I want potential buyers to be able to use an FHA loan if they need to. The condo complex has 8 units and used to be apartments and then was converted into condos. Does anyone know how I would go about getting approved? Thanks!
1. Eliminate the condo from consideration if it is a unit in a condominium hotel, a timeshare or a houseboat condo. The condo also doesn’t qualify for an FHA loan if there is more than one.
Buying a condo is a lot like purchasing a “regular” home, but with one big difference – mortgages are tougher to come by. Lenders impose a different set of rules on you when you buy a condo.
My condo association finally agreed to apply for FHA/HUD approval, but they called me and said they talked to someone at FHA and were told that because we did not have any rented units we would not be approved.
But you can search for FHA approved condos on the FHA website. You can search for a specific condominium or you can browse by zip code or city. For example here I just want to search for all approved condos in Los Angeles. Just type in the city and state and change the status to approved.
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· Whether a first time home buyer or repeat buyer, FHA loans provide so many advantages to buy a home. FHA even helps buyers purchasing a condo as a primary residence with the same benefits as a regular home. The only caveat is that the condo must report as approved on the fha approved condo list.
usda home for sale the lower the loan-to-value ratio, the higher the What is a loan to value ratio? | ANZ – Loan to Value Ratio (LVR) is how lenders describe the amount you need to borrow to buy a particular property. In a nutshell: it’s the amount you need to borrow, calculated as a percentage of the property’s ‘lender-assessed value’.
FHA Single Unit Approval Archives – FHA Pros – Tag Archives: FHA Single Unit Approval. we do know several small differences will exist:. Since only 6% of condominium associations are FHA approved, the FHA condo buyer can only look at and buy in 6% of the units listed for sale.
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