Are you approved for an FHA loan, and on the prowl for a Santa Clarita condo or townhome? If you are, you might have already found out that quite a few condo and townhome communities in the Santa Clarita Valley, and elsewhere, are not FHA approved. What does that mean? It means that FHA won't insure any loans in those particular communities. Which is a nice way of saying, you can't buy your dream home, in there.
Yep, seems a bit unfair, I know. If you have fallen in love with a particular community, and are only eligible for an FHA loan, you'll more than likely have to save up quite a bit more money for a larger down payment (10% down, 20% down), in order to do a conventional loan. And even then, conventional loans generally have stricter requirements, such as minimum FICO scores, etc., in addition to the larger down payments.
There may be help, yet, for your dreams of owning a home, by way of getting an FHA insured loan, in a non-FHA approved community. How? Well, a little bit of hard work, and a smidgen of patience.
Enter a hard working lender, such as Mitch Milat at Augusta Financial, and a few persistent agents, such as The Robert & Brian Team, all working on your team toward one goal, it's possible to get a community that's not FHA approved….approved!
Recently Mitch was helping one of our FHA homebuyers out, and went to battle for them, by trying to get the Mariposa townhomes in Saugus approved. Our clients were first-time homebuyers, and they had fallen in love with the Plum Canyon Mariposa community. They had written an offer on the Mariposa condo, it was accepted, then the seller and their listing agent agreed to let our buyers' lender do the hard work of trying to make the FHA loan work. After about 3 weeks into our 45 day escrow, Mitch @ Augusta Financial received FHA approval, enabling our buyers purchase to go forward. We then closed escrow about a week after the approval came in. They're so happy living there now. And consequently, so are many other FHA homebuyers who can now purchase their home at the Mariposa townhome community.
Other communities have the possibility of becoming FHA approved. Some of them have been in the past, but are no longer. Whether it's a condo or townhome community in Santa Clarita, or not. It is possible. Certain conditions have to be right, and cooperation is needed from third parties, such as HOA's. Don't give up hope, if you have fallen in love with a community that isn't FHA approved. With a little hard work, patience, and good professionals working on your team, anything can happen!
Watch this interview I did with Mitch Milat of Augusta Financial:
FHA Approved list – CAN CHANGE AT ANY MOMENT! – PLEASE NOTE THIS LIST DOES CHANGE AND CAN BE REVISED ANY TIME, ANY DAY, ANY HOUR. Some communities once approved, can lose approval. What a mess! But it's what we deal with in order to match people to homes, and buyers to sellers.
For help with your Santa Clarita home loan, contact Mitch Milat @ 661-810-3362
Find Mitch on the web, at www.MitchForLoans.com
Email Mitch @ Mitch@MitchForLoans.com
And of course, when you're ready to house hunt in the Santa Clarita Valley, contact us here at The Robert and Brian Team!
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