qtensassy 0 #1 January 30, 2004 My boyfriend and I are the process of buying a townhouse that's new construction and our lender originally informed us of a FHA loan. Problem is, now he's saying that we won't be able to get a FHA loan unless the townhouse is a PUD or has a FHA Approval Number. (The same does not apply to single family homes - new construction.) Can anyone help shed any light on this? Are there separate qualifications for townhouses that are new construction? Or is the lender just being lazy and trying to get out of the extra paperwork? Quote Share this post Link to post Share on other sites
WFFC 1 #2 January 30, 2004 Call a different lender and pose the same question to them. Quote Share this post Link to post Share on other sites
flyinghonu 0 #3 January 30, 2004 I believe your lender is right. My husband & I bought a townhouse in Sept/03 and went through a similar process w/ our loan officer. He would tell us about all these great loans and then, after he would research it, would realize that we would not qualify for the loan for a variety of reasons. We had a horrible experience w/ our loan officer. The best advice I can give is find a loan officer that will WORK for you - it is key to a smooth purchase process. In our case, our mortgage payment ended up being $500.00 more a month than what our loan officer was quoting to us . "Excuse me while I kiss the sky..." - Jimi Hendrix Quote Share this post Link to post Share on other sites
EdC 0 #4 January 30, 2004 You might try the HUD website and see if there is any information that might help. You could always call the HUD customer service department and see if there is a number or if they are in the process of assigning a number to that project. Big Ed Quote Share this post Link to post Share on other sites
Snowwhite 0 #5 January 30, 2004 QuoteYou might try the HUD website and see if there is any information that might help. You could always call the HUD customer service department and see if there is a number or if they are in the process of assigning a number to that project. When dealing with HUD understand that you can get different answers from different people. Or different answers from the SAME person on different days. The trick is to call until you get the answer you want THEN get the NAME of the person who told it to you. Have them FAX you that answer immediately, if you like their answer. You can check whether or not your unit is a PUD (Planned Unit Development) by calling your building development department of the city in which it is located. PUD's have to be pre determined before permits are given for construction. You can check if there is a HUD development number assigned to the townhouse in question by asking the developer of the complex. He/She had to have that number for approval of any loans or grants prior to permits, construction, etc.skydiveTaylorville.org freefallbeth@yahoo.com Quote Share this post Link to post Share on other sites
skymama 37 #6 January 30, 2004 I'm studying for the Florida State Real Estate exam right now and have the book in front of me. It looks like the townhouse information would be under Title II, Section 203(b), which covers homeownership, 1 family to 4 family residences, fixed rate loans. I'm just giving you that info in case you go to the HUD website. FHA loans do have loan limits, and they vary from area to area. The FHA doesn't actually make the loans, it just insures the loans. I went through one a few months ago, and there IS a lot of extra paperwork for the mortgage broker. My teacher said some brokers just don't want to deal with it. I don't know anything about the PUD, but maybe you can find it on the website.She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
qtensassy 0 #7 February 5, 2004 Thanks for the advice everyone! I was told by a friend that manages a loan office that there are specific requirements around town houses but that she dosen't believe this to be one of them. We contacted another loan officer and have found an even better deal so we're all set!!! Yipee!!! Oh wait...now I have to pack and move... Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #8 February 6, 2004 QuoteThanks for the advice everyone! I was told by a friend that manages a loan office that there are specific requirements around town houses but that she dosen't believe this to be one of them. We contacted another loan officer and have found an even better deal so we're all set!!! Yipee!!! Oh wait...now I have to pack and move... Not like you will be doing the heavy lifting!_________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
qtensassy 0 #9 February 6, 2004 Well, that's true but wanting to help and not being able to is almost as bad... Plus, it will still be a major hassle. So are you volunteering to help?!?! Quote Share this post Link to post Share on other sites
eeneR 3 #10 February 6, 2004 Hey you know If im here I am there.... Count me in on your moving crew.....She is not a "Dumb Blonde" - She is a "Light-Haired Detour Off The Information Superhighway." eeneR TF#72, FB#4130, Incauto Quote Share this post Link to post Share on other sites
