New England Properties

Frequently Asked Question: Can I get a loan on a condo w/in an association that is not on the FHA / VA approved list?

Frequently Asked Question: Can I get a loan on a condo w/in an association that is not on the FHA / VA approved list?

Q: With 20% down and a credit score over 700, can I get a loan on a condo w/in an association that is not on the FHA / VA approved list?

A: FHA, VA and Fannie Mae all maintain condo eligibility lists. USDA does not maintain such a list. However, if a condo is on an FHA or VA condo eligibility list, then you can get a USDA mortgage - provided you meet the income requirements and the address of the property is on the USDA list of approved addresses.

For access to condos eligible for FHA financing, go to the FHA Condominiums webpage at https://entp.hud.gov/idapp/html/condlook.cfm.

For access to condos eligible for VA financing, go to, go to the VA Condo/PUD/Builder webpage at http://condopudbuilder.vba.va.gov/2.2/frames.html.

For access to condos eligible for Fannie Mae financing, go to the Fannie Mae Condo, Co-Op, PUD Eligibility webpage at https://www.efanniemae.com/sf/refmaterials/approvedprojects.  

If the condo you want to purchase is "non-warrantable" (that is, it is not eligible for mortgage programs), then you must find a lender who will provide mortgages for "non warrantable" condos.

Here at Star Mortgage, we offer mortgages for "non warrantable" condos in Massachusetts.

 

Lew Corcoran
Licensed Real Estate Professional

Best Choice Real Estate Services
133 Turnpike St, South Easton, MA 02375
Phone Toll-Free: (800) 984-3341

Serving Easton MA and the Surrounding Area

 

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0 commentsLew Corcoran • January 17 2010 12:02PM