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Q: Often, we get asked, “How do I know if a property is approved for FHA loans? According to a mortgage lender I use…”
A: The FHA approval list is specifically for condos. Here’s the link to the search. I just put in state and county and search for “approved” projects. There’s not a lot, 40ish I think in all of Palm Beach County.
If the property is a single family or townhome, it will be eligible for FHA, the only exception being for properties in need of major repair. The FHA program has stricter requirements on the condition of the property than a conventional loan.
It’s up to the listing agent to check the FHA financing box when putting a property on the MLS; sometimes they know about repairs that would come up with the FHA loan.
More commonly, they just don’t check the box or they don’t know enough about the FHA program and think it’ll be tough to close. I’ve run into some people that think FHA appraisers are tougher on value than conventional, but comps are comps; if the property is in good shape, it won’t matter if the buyer uses conventional or FHA financing. Unfortunately for single family or townhomes, you’ll have to call the listing agent to feel them out as to why they haven’t listed FHA as acceptable financing.
Q: Another question that gets asked is if country club and gated communities are eligible for FHA Approved Loan?
A: Yup, potentially any single family or townhome is FHA eligible; however the max FHA loan amount in Palm Beach County is $345,000. And we can’t finance any equity memberships, etc., it has to be verified cash from the buyer.
JEFF AND CARY LICHTENSTEIN
We make your home our business
7100 Fairway Drive, Suite 44
Palm Beach Gardens, FL 33418
You can read my full Bio here.
Posted in real estate on September 26, 2015 at 3:36 am.
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Posted on: by Jeff Lichtenstein
From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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