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I bought a townhouse and everything is paid for by me. We have no dues. So would FHA refinance this

I was wondering about refinancing my loan through FHA and if they would consider my townhouse a condo even thought we don't pay anything to an association. We are responsible for the inside and the outside and all insurance and maintenance.
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November 22 2011 - Tulsa
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Answers (3)

Yes it would appear your TH would be eligible for FHA financing. That would also involve meeting loan to value requirement, and qualifying for loan criteria. Would be a good idea to compare conventional refinancing to FHA to determine which is most beneficial.
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November 23 2011
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Thank you. We do own the lots too and luckily, I got a corner lot and have a fairly nice size yard with lots of trees that I have to take care of.

I appreciate your answer.

Sincerely,

Reta
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November 22 2011
Your title report or prelim will decide.

A townhome is a STYLE of home, a condo is a FORM of ownership. With a condo, you do not own the land, and you only own airspace, as well as a undivided portion of the assocation.

Since you dont pay an association, most likely you own a fee simple attached towhome style single family residence, and not a condo.

One can have a condo, and have it be a townhome, business, boat detached home, many things. Again, its a FORM of ownership.

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November 22 2011
 
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