Is it possible for a 4 unit condo get a fha spot approval even if the guidelines state no more than 20% in?
less than 30 units may have fha loans? If not, are there any alternatives to getting around this?
Answers (2)
New guidelines on FHA loans just came out and lenders are trying to interpret them. For one, the right of refusal is no longer an issue. They do away with spot approval effective October 1st. I think this means the whole building must seek FHA approval. Anyone else?
Web Reference: http://www.1sthomegroup.com
FIRST ANSWER
I believe the answer would be yes, although you would have to speak with a solid lender. I think the first right of refusal is the biggest obstacle in an FHA sale. Please, call me with any further questions, and I can put you in touch with someone who can help you.
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