Another common Real Estate question that we’ve been asked by home buyers is “how do I find out if a home is FHA approved?” and this is a great question to ask because 25% of home sales in Southern California area typically the result of FHA financing but there are some major differences in terms of what’s approved and what’s not especially if you’re planning on buying a single family home or condo.
Single Family Home
If you’re planning on buying a single family home you can rest assured that all single family homes are approved for FHA financing but you have to make sure that the home is a habitable property, not a fixer-upper, and is in move in condition.
Although it’s very rare that a home doesn’t qualify for FHA financing there are some situations where a home won’t qualify including the following:
Home is too expensive – A high-end home might not qualify for an FHA loan because the home price exceeds the FHA loan limit amount.
The 2015 FHA loan limits for the Los Angeles, Long Beach and Anaheim areas are:
- Single: $625,500
- Duplex: $800,775
- Tri-plex: $967,950
- Four-plex: $1,202,925
Condition – Ultimately the appraiser has the final say regarding if a home should be approved for FHA financing or not and if a home is too far gone in terms of its condition the home may be disqualified for FHA financing.
When it comes to buying a condo in Southern California this is completely different than buying a single family detached home because before you even consider buying a condo you must make sure that the condo is approved for FHA financing.
Contact Fred Sed Realty
Let us help save you the time and money of searching for FHA properties, contact Fred Sed Realty today by calling us at (800) 322-4643 or connect with us through our website.