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Answers (7)
Best Answer
- Dianna MacLaren, CNE, CSP, "DiMovesU!"
- Contributions:95
The legal description is important, as Clay states. If it is a townhome, you will not see "condo" or "condominium" in the legal description. However, if you do see those words, there may be hope. FHA has approved some condos for FHA Loans. If you are looking at a condo and want to find out if it is approved for FHA, you can visit their approval site to see if it is listed or not. Here is a link for you!
FHA Approved Condos
Good luck!
- Kelly Lacey, "kellylacey"
- Contributions:797
Adam-you've been on Zillow long enough to know that spam is not allowed in the Advice boards. Why don't you actually give the poster some advice and if they like what you have to say and want to contact you they can click on your profile.
- Brad Officer, "Jax Realtor"
- Contributions:45
You want Fee Simple ownership for a Town home. With Fee Simple, you own structure and a small amount of land the town home sits on.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Get the legal description, if the word condominium is in the description then you must use condo underwriting/pricing guidelines.
- Denny Giza, "dennygiza"
- Contributions:162
If it is a condo, you'll have to get it approved. All the rules changed after Oct. 1, 2009. It'll take some work on your part, but it can be done.
- Tim Storm, "SoCal FHA VA Lender"
- Contributions:31
If the property is truly not a condo, and you will own the land under the unit, then the project does not need to be approved through FHA in order to get an FHA loan.
- Manuel Prado, "Manuel Prado"
- Contributions:196
FHA insures up to a 4 unit residence. The residence does not need to be in a condo project. If the unit is designated a condo though, then it does need to be HUD approved.
Can you do a FHA loan with a townhouse
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