Condo that's not FHA certified

When lending, we check out you, and the property. If there is an association, we have to check that out too. Townhome associations are easier than condo associations. FHA association approval is harder than conventional. FHA doesn't offer rental property loans, so not sure what is going on there. But if the lender is balking at the association, you should seriously consider the way. A poorly run association is not something I'd be interested in buying in. Good Luck. I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com Cambria Mortgage, NMLS 274132

If this is a rental property, you CANNOT use FHA without committing mortgage fraud. FHA is only for Owner Occupied or Primary residences. Conventional is the only loan type for investment properties. Fortunately, it is easier to have a condo association pass muster, than for an FHA loan. To answer the question, is it easier to get a loan for a house than a condo? Yes. In a condo, most of the repairs and upkeep are the responsibility of the HOA. Therefore, a review of the operations (budget and reserves) can reveal if the property is being properly managed and adequately reserving for anticipated repairs. A poorly run or inadequately run HOA leaves the owners susceptible to the need for a steep out of pocket special assessment to make major repairs like new roof, etc.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300