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fha loans or county specific down payment assist programs

if a property is not fha approved, Can a lender, after pre approving you for a specific loan amount send a appraiser to look at the property to see if it is liveable and approve you for a fha loan on a non fha approved property?
  • November 12 2013 - Orlando
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Answers (2)

Hello

Properties are Not FHA approved up fornt. Only certain condo complexes have up front FHA approval. in most cases,  if the property in not in "Move in condition" it can not go FHA and  a good  lender will ask you about that before taking the appplication for an FHA loan. FHA is much more stricter about the condition of the property than conventional loan. if you do an FHA appraisal and it turns out that the condition of the property will not allow it to go FHA then you will have to go conventional or  you can do an FHA 203K and bring the property up to the condition and MORE if you lik. that is an FHA renovation loan

A good listing Real Estate Agent and your Buyer's Agent  along wth your Loan Officer will help in guiding you as to if a property will qualify for an FHA loan or not

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  • November 14 2013
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The Appraiser for an FHA loan will note ANY deficiencies with the property that are Health and Safety related. These issues will need to be cured as the Appraiser will mark the report as "Subject To" and the Lender's Underwriter will need to make sure any issue will be rectified. If the home is in really bad shape my best advise is to do a 203K purchase/rehab loan. This program allows a borrower to purchase a home in a "As Is" condition and then borrower can finance the necessary funds to bring the property back up to speed. Hope this helps.
  • November 13 2013
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