Tuesday, May 12, 2009

FHA Approved -- Not Always

Important information for buyers and sellers of condos.

If a buyer is FHA approved, a buyer only has to bring 3.5% downpayment to the closing table but they may not get to the closing because not all properties are FHA approved.

A lender can get a "spot approval" on a property that is not on "the list" but it has to meet several different criteria.

Buyers make sure you talk to your Realtor and Mortgage Lender about this. If you can't get a loan on a specific property, then you are wasting your time and the sellers.

Sellers beware. Ask your Realtor or Mortgage Lender if your subdivision is on the FHA list.

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