Using fha loan for a townhome

The information you provided sounds good to me. Let me know if I can help!Thank you

Give me a call, there's some complexities involved when buying a condo or townhome. Your score should be fine, your income will determine the maximum loan amount. Monthly payment will be driven mostly by the combination of purchase price, interest rate, property taxes, insurance. my number is 2534260016 my website is www.loansthrugreg.com -Greg

Too much info missing to properly advise you, but in general, a 707 is within the acceptable range for mortgage financing.. Also, with FHA, most townhouses are actually condominiums and have different lending rules associated with them.. the biggest thing being that they must be on FHA/HUD's approved list to obtain FHA financing.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see all the details of the property, and your financial information, they should be able to advise you properly.. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Prequalification is dependent on several factors. All of it can be done over the phone with you in less than 30 minutes. The credit score is fine. When you buy a townhome you have to see how they are zoned. Townhomes can be zoned as condos versus single family residence. A condo project must be approved by HUD for FHA financing. If you have an address I would be happy to check it out for you. You are welcome to call (206.650.4202) or email (ctiedeman@absoluteloans.com).Thanks, Curt

9/5/14Ynez - thanks ....you really only would want to use a FHA loan if you needed to minimize your down payment ...with FHA loans your down payment can be as low as 3.5% of the purchase price ( possibly even lower) .........if your down payment can be 5% or more - then a conventional loan is likely a much better option due to much lower motnhly mortgage insurance required plus you can avoid the upfront mortgage insurance premium that FHA loans require ......707 is a good score ....$3666 monthly income appears solid for the debt you describe having/ wanting ....feel free to contact me if yu would like a fast / free pre approval to check the details and options out !Dave Skow >>>> Eagle Home Mortgage >>> daveskow@eaglehm.com>> 206 714 9745

Yes, you can use FHA financing for a townhouse but it makes a difference whether it is a condo or now. With that score you should be okay as long as all your monthly debts including the new home with HOA dues does not go over 50-55% of your gross (before taxes) income.