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Old 07-11-2008, 08:07 PM
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FHA resrtictions

What is the name of your state (only U.S. law)? Mass

We just got approved for a FHA loan but the morgage broker told us that there are restrictions and we cannot buy a condex. There has to be 4 or more units. Is that true?
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Old 07-12-2008, 07:21 AM
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Quote:
Originally Posted by rachb52982 View Post
What is the name of your state (only U.S. law)? Mass

We just got approved for a FHA loan but the morgage broker told us that there are restrictions and we cannot buy a condex. There has to be 4 or more units. Is that true?
I am a fha appraiser and fha no longer gives certain approvals to certain condo projects meaning that there is no restrictions. THere are minimum property standards that it must pass to allow funding and sure lending guidelines You can go to fha website and see just goggle fha condo purchase or somethng. Ask the broker what restrictions they are talking about, if they are saying you cant buy a condo I would question that highly and find another broker .
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Old 07-14-2008, 08:28 AM
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Statutory minimum of 4 units on an FHA condominium. 24 CFR 234.3 "Project" definition.
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