If you are purchasing a Condominium in NC, and you are interested in getting a FHA Mortgage to help with that purchase, you need to check and see that the Homeowner Association (HOA) is already on the approved list by FHA. Townhomes also share similar risks as Condominiums, however FHA no longer requires documentation on Townhome Homeowner Associations. If you are purchasing a condo in NC it’s important to look at the approved list, even if you are going to apply for a VA and USDA home loans too – because most underwriters will look at the FHA list when approving these loans too. For more information about FHA Mortgages to Purchase a Townhome, visit our website.
Many Condominium Projects in NC that were approved prior to 2011 have not had their approvals renewed. There are specific guidelines issued and documentation that needs to be updated for the Condominium project to get approval. Until that process is complete, projects that “lost” their approval are not eligible for FHA Mortgage Loans in NC. With the renewed interest by First Time Homebuyers to live in more “walkable” urban areas – condos in NC are very appealing. Because most condos in NC are located in more densely populated areas, they are generally not eligible for USDA Home loans, which require no money down. For more information about FHA Condominium Approvals in NC, please visit our website.
Thank you for your Service! In North Carolina we are fortunate to have so many bases, and with them – thousands of Service Members. VA Home Loans are one of our favorite Mortgage Programs, not because they are easy to do, they are not, but because it is a way for us to give back to the men and women that have bravely served or country. It surprises us that many Veterans “neglect” to tell their loan officer that they served – because this is one of the best benefits you keep from your Service! For more information about VA Condo Approvals in NC, please visit our website.
We love working with First Time Home Buyers in NC, and we offer several different NC First Time Homebuyer Programs. Have questions about cash needed to close and closing costs, or how the downpayment assistance program from the State of NC works? Call Steve and Eleanor Thorne about your particular situation at 919 649 5058. Remember – you might qualify for a Single Parent Grant to purchase a home in NC! Connect with us on Facebook or Google + we’d love to help you make your dreams of buying a home in Raleigh come true!
Information originally posted at: NCFHAExpert.com
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