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I live in single family house and it called condo for 11 years and 82 houses (condos) I like to sale it association allow FHA spot

by emebethsam380 from Seattle, Washington. Sep 6th 2016 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,522 contributions

If your property is legally a condo in a condo association, the association has to be prior FHA approved for an FHA loan buyer to purchase the house. While this limits the potential buyers if not an approved association, this doesn't mean someone can't buy it. Maybe the buyer will use a conventional loan, which does case-by-case condo association approvals. Maybe they'll pay cash?

Sep 8th 2016
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

If it is a condo and not on the FHA approved condo list there are other loans a buyer could buy your place with. FHA is a great loan for some first buyers, but others can qualify for a standard conventional loan with 5% down payment, oreven 3% per a first time buyer program that can allow credit scores to be somewhat similar to the minimum required for an FHA loan. If your home is going to require them to have a loan larger than a conforming loan than qualifying might get a little more strict. People with pretty good credit often choose an FHA loan when needing a loan larger than conforming because no other loan allows for putting down just 3.5% down. Having said all this, the process for the HOA to get approval from FHA can be somewhat arduous. There is a company in Southern California that successfully assists those owners & their Associations who are trying to become FHA and VA approved.

Sep 8th 2016
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