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Are there any property restrictions for home purchases with FHA loans?

Can FHA loans be used to purchase any single-family homes? by PTAnderson from Fairfield, Connecticut. Nov 28th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

The only restriction would be that it can not be investment property you are purchasing. Other than that, it can be any 1-4 unit SFR dwelling.

Nov 28th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Single family homes are the ideal property type for FHA and most lenders... Condos, town houses, manufactured homes, are not... Keep in mind that FHA appraisal are slightly different than a conventional appraisal, and the appraiser when doing his inspection will be looking for property deficiencies that deal with health and safety concerns... any items within in the home that have these types of hazards will have to be corrected prior to funding... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 28th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

No mixed use properties either (business downstairs and residential up.) There are also requirements for the condition of the property to meet FHA guidelines, but it is possible to finance needed repairs and desired upgrades with the mortgage. I lend in Connecticut as well (actually lived a long time in western MA), please contact me if I can help. A great feature of FHA loans is that they are assumable which could be very valuable if you ever to sell.

Nov 28th 2012
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Michael Stephan (Michael_Stephan)
#23 ranked lender in Connecticut - 11 contributions

Zero restrictions - if you intend to live in it as your primary residence.FYI - If you'd like more info, I grew up in Fairfield and know the area well.Thanks and good luck!Michael

Nov 28th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#1 ranked lender in Florida - 2,242 contributions

Yes any single family residence and it has to be your primary home. We cover CT please reach out to us for more info. 201-962-3555 or Team@BestMortgageOption.com

Nov 28th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,828 contributions

The only real restriction for a property is that it meets FHA's Health and Safety standards and for purchased properties, it must be occupied by the borrower as their primary residence. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 29th 2012
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