May 23rd, 2014
- We are interested in purchasing a condominium. We understand it is not FHA approved. What does this mean and how does this affect our purchasing the unit? If the condominium is not FHA approved, it means you can not use the FHA program to purchase the property. We do have the ability to assist the condo association in obtaining FHA approval. You may decide to use conventional financing instead with a 5% or more down payment.
- We have been thinking about buying a home that needs a little work. We have heard about the FHA 203(k), but is this our only option? The FHA 203(k) will allow you to borrow up to $458,850 (our area's FHA limit), but this program is only reserved for a primary residence. We do have another program (limit is $417,000) that allows you to purchase a primary residence up to 95%, second home up to 90% and an investment property up to 80% - and fund your renovations as part of the loan.
- We are looking at purchasing a second home in Florida. We do not know anyone there, could you possibly refer us to someone? No need. I a licensed in Florida and happy to assist you.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690