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Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
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FHA Approved Properties?

Supposed to close this month and my LO says that property I want isn't a FHA approved property- i.e. FHA is unwilling to provide loans on properties in that area.

 

Anyone have experience with this?? Were you able to get around it or get the property approved? Or should I just begin looking for a new house??

 

I searched the boards and I am apparently the only idiot who has gone this far with a house to not find this out....... :smileyfrustrated:

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MattieNumNums
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Re: FHA Approved Properties?

Don't bother just move on.

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Established Contributor
chan85
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Re: FHA Approved Properties?


MattieNumNums wrote:

Don't bother just move on.



Reasons?

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
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Re: FHA Approved Properties?

[ Edited ]

It requires a lot from the Association to get approved and some buildings will NEVER get approved. I went through the same issue, FHA approved and couldn't find anything FHA approved and the properties that were approved most agents put FHA and VA at the bottom of the list (Cash, Conventional, Homepath (were applicable), FHA, and finally VA). I finally found a Homepath property and was able to not only get a great deal for financing but also 3% back in concessions. FHA was a HUGE waste of time for me (I even had a pretty good down for an FHA loan 10% down.)

 

Edit: If this is a house and its not FHA approved that means its either not going to pass inspection or appraisal.

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Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
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Re: FHA Approved Properties?


MattieNumNums wrote:

It requires a lot from the Association to get approved and some buildings will NEVER get approved. I went through the same issue, FHA approved and couldn't find anything FHA approved and the properties that were approved most agents put FHA and VA at the bottom of the list (Cash, Conventional, Homepath (were applicable), FHA, and finally VA). I finally found a Homepath property and was able to not only get a great deal for financing but also 3% back in concessions. FHA was a HUGE waste of time for me (I even had a pretty good down for an FHA loan 10% down.)

 

Edit: If this is a house and its not FHA approved that means its either not going to pass inspection or appraisal.


Its a townhouse, already paid for inspection. No serious problems. No appraisal yet because of this.

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GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: FHA Approved Properties?


chan85 wrote:

MattieNumNums wrote:

It requires a lot from the Association to get approved and some buildings will NEVER get approved. I went through the same issue, FHA approved and couldn't find anything FHA approved and the properties that were approved most agents put FHA and VA at the bottom of the list (Cash, Conventional, Homepath (were applicable), FHA, and finally VA). I finally found a Homepath property and was able to not only get a great deal for financing but also 3% back in concessions. FHA was a HUGE waste of time for me (I even had a pretty good down for an FHA loan 10% down.)

 

Edit: If this is a house and its not FHA approved that means its either not going to pass inspection or appraisal.


Its a townhouse, already paid for inspection. No serious problems. No appraisal yet because of this.



Dont order the appraisal yet...  and see if you can get your money back for the inspection if the inspection hasn't been completed.   My sister put an offer in on a townhouse and the first thing I told her to do was to see if it was an FHA approved unit.


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MattieNumNums
Posts: 125
Registered: ‎04-06-2011
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Re: FHA Approved Properties?

[ Edited ]

How did it get this far???

 

The HOA is going to have to file all the necessary paper work and pay any fee's necessary to get FHA approved.

 

Edit: If the building is on a land lease it will never be FHA approved FYI.

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Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
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Re: FHA Approved Properties?

I am surprised it got as far as OP is saying. Usually in the offer letter it lists the type of loan etc. You would think either agent would put red flags up at that point.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
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Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
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Re: FHA Approved Properties?


MattieNumNums wrote:

I am surprised it got as far as OP is saying. Usually in the offer letter it lists the type of loan etc. You would think either agent would put red flags up at that point.


My letter DID say FHA!! But I don't know if either one of them knew that the property wasn't FHA approved. I already paid for the inspection, was done in MAY! Was a short sale and just got the approval for everything about a week ago.....

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
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GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: FHA Approved Properties?

If you can put 5% or 10% down you can get a conventional loan at a decent rate (4.25%).

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