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Tagged with: condominium loan
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Richard Hagen
3 months ago
I own a unit in Chrystal Lakes Condo, Hampton VA. I am currently renting it under a grandfather clause. I tried to sell it a year ago but FHA would not approve the loan because of the owner to renter ration.
In 2007 the HOA required sales only to owner occupied. I had a bank approved owner buyer but the FHA turned down her loan. What is the FHA policy on this? If I have a buyer who will owner occupy the unit and the HOA requires owner occupied then why would you turn down the loan? Can I (or the buyer) appeal this decision? Any advice?
I own a unit in Chrystal Lakes Condo, Hampton VA. I am currently renting it under a grandfather clause. I tried to sell it a year ago but FHA would not approve the loan because of the owner to renter ration.
In 2007 the HOA required sales only to... (more)
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Steve Gaylo
3 months ago
I purchased a small 45-year-old condo four years ago using a VA loan. At that time the monthly condo maintenance fee was a very reasonable $135 a month (a major reason I bought the property). Since then, with very little being done in the way of repairs to common property, the maintenance fee has risen about 75%. I just received a letter from the condo board advising me that, due to its need to budget for future repairs and other expenses, the monthly fee may be raised to as high as $600. Since I am 73 years old and existing on a small pension, there is no way in H that I can absorb such a burden. Are there any resources available to help deal with such a situation, the VA, my mortgage lender, anyone?
I purchased a small 45-year-old condo four years ago using a VA loan. At that time the monthly condo maintenance fee was a very reasonable $135 a month (a major reason I bought the property). Since then, with very little being done in the way of... (more)
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Andrea Jones
8 months ago
How can a Buyer confirm if a condo is eligible for FHA financing? The particular condominium community consists of detached homes but they are still considered condos. Does this make a difference in the home's FHA eligibility? The Buyer has already been pre-approved.
How can a Buyer confirm if a condo is eligible for FHA financing? The particular condominium community consists of detached homes but they are still considered condos. Does this make a difference in the home's FHA eligibility? The Buyer has... (more)
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A Curious User
a year ago
Approved for a FHA $100,000 loan at a local bank for a condo. However, the condo association dropped their FHA approval and the bank will not proceed. I was told by the president of the association that I could refile the paperwork myself on their behalf at my expense.
Approved for a FHA $100,000 loan at a local bank for a condo. However, the condo association dropped their FHA approval and the bank will not proceed. I was told by the president of the association that I could refile the paperwork myself on their... (more)
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A Curious User
a year ago
Does FHA have a limit on the number of non-owner occupied units in a condo project?
Does FHA have a limit on the number of non-owner occupied units in a condo project?
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A Curious User
2 years ago
My wife and I are interested in purchasing a condo unit we have had our eyes on for some time. We want to know if a website exists with up to date information to see if the condominium complex is VA approved.
My wife and I are interested in purchasing a condo unit we have had our eyes on for some time. We want to know if a website exists with up to date information to see if the condominium complex is VA approved.
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