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FHA Loan Approval

Started by Brooklyn50
almost 15 years ago
Posts: 2
Member since: Jan 2011
Discussion about
We're almost at the end of a deal, ready to sign contracts and it seems now that the building is no longer FHA Approved, even though the seller of the unit has an FHA Loan. Does anyone know how this works, any possible solutions if wanting to keep my FHA Loan, and how long it could take for the building to reapply for FHA Status?
Response by bugelrex
almost 15 years ago
Posts: 499
Member since: Apr 2007

FHA limit may be going back down to 625,000 soon..

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/03/AR2011020307205.html

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Response by shong
almost 15 years ago
Posts: 616
Member since: Apr 2008

brooklyn, since FHA loans are assumable you may be able to assume the seller's mortgage (assuming it makes sense). That may be one option. You should try to find out why the FHA approval was taken away. Also, is this a new construction? Because if youre buying from someone who currently owns the unit, who will apply for the FHA approval and do all the paperwork? It could take 60-90 days.

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