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Answers (4)
- Kile Properties, "KileProperties"
- Contributions:43
Yes, call your lender and get an assumption package sent you. Then look through it and see if the condo assoc status has any bearing on whether or not you can still attract a buyer through an assumtion. Of course your terms do need to be competitive with the current lenders in your area or a buyer won't be interested.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
yes.
- Pat O'Reilly, "patohomes"
- Contributions:163
I would call my lender or I have a great lender that could help you.I would also call the Condo Assoc and ask them what they are doing to get FHA Status back. Sometimes its just that they are waiting for some paperwork to be approved.
For whatever reason there are a lot of Condos that are losing their FHA status.
For whatever reason there are a lot of Condos that are losing their FHA status.
- Bruce Erickson, "B Erickson"
- Contributions:34
Suzan that is a great question. Who knows in this environment of over regulation and over cautious lenders. I would suggest you contact your lender and ask them to send you an assumption packet. I would not ask the lender the question about FHA status .. that could just raise a red flag and then they might say no.
Then just review the packet and see if says anything about changes in the status of the property.
An other important question is .. Are the terms (interest rate,down paymnet, and equity) good enough to attact a buyer?
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Bruce Erickson, Broker
Our condo has an assumable FHA loan. The condo assoc. lost its FHA status. Can loan be assumed?
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