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What can I do to get more (or better) quotes for my loan request ZR-XNRLZMM

I was prequalified for a FHA loan, but they wond't lend on the home I wish to purchase because the deed says "condominium."  I understand that freddie,fannie,hud, and va loans will also not mortgage in a senior community with an HOA.  The resale is not a condominium.  It is a single family home with real property located within a 55+ senior community with an HOA that owns the common facilities such as the recreation buildings, roads, sewer, pools, and etc.  How will lend me the money to buy this resale?  I have excellent credit, was prequal'd for $10K more than the purchase price, and have a 3.5% downpayment.  Any recommendations would be greatly appreciated.
  • October 31 2010 - Winter Garden
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Answers (2)

With 5% down you may qualify for a conventional conforming loan in a 55+ community. You are only 1.5% away.

Best wishes, Rudi
  • November 02 2010
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Based on what you have told us, it sounds like the property is not acceptable collateral for an FHA Loan.  It could be a deed restriction (i.e. 55+), a land or recreational lease for the amenities, or some other factor.  FHA will not accept any collateral that has a restriction.  


It has nothing to do with you or your credit.

I would suggest searching for another property.

Feel free to contact me at (954) 448-6153. 
  • November 01 2010
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