FHA Home Loans and Town Homes « Home Loan Information

31Aug/090

FHA Home Loans and Town Homes

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All homes are not alike but most home buyers need a home loan to purchase the home unless they are successful enough to have the cash!

Many towns and cities today have true “town homes” where the building is mixed use. This particular home in downtown Smyrna, Georgia even has a little tomato garden on the upper deck and a shop on the ground floor. FHA home loans (HUD mortgages) has the solution for these properties up to the county limit. So what’s available outside of the county limit?

The answer really depends on the zoning for the property and what is available by lender in the local area. Currently FHA will approve loans up to 96.5% of the sales price with the loan amount not exceeding the county limit for the county where the property is located. To know for sure if an FHA home loan can be used on your property be sure to contact your FHA home loan expert before making an offer on the property.

Since each property may have a different type of business located on the first floor there “can” be issues affecting the type of loan you get and whether or not an FHA home loan is available on that particular property. Again, always contact your local FHA home loan expert to get the best answers for your individual needs.

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