Can you can get an FHA loan for a residential property obtained at auction?
Exactly what are FHA property that is ineligible?
- Non FHA authorized condominium projects and/or projects that are cooperative
- Manufactured/mobile domiciles. Manufactured housing is understood to be any dwelling constructed on a permanent framework. Manufactured houses are ineligible even though the towing hitch, wheels and axles were eliminated.
- Condo Hotels, also called Condotels, that are tasks handled or operated as hotel/motel or had been hotel/motel conversions
- Original properties
- Farms, orchards, ranches and properties that are rural 10 acres
- Mixed use must adapt to domestic nature associated with community, and commercial use cannot exceed 25% associated with living area that is gross. Continue reading