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Finding FHA approved Homes and FHA approved Condos & Town homes In Los AngelesOnce you are qualified for a FHA (Federal Housing Administration) loan you will now have to find properties that meet FHA Guidelines and Restrictions. Pay close attention here because not all Homes qualify for FHA! This is one of the big differences between the FHA Loan Vs Conventional Loan.Let’s go over some of thoseFHA Property Guidelines for property condition.Property ConditionFirst Time Home Buyer Los Angeles-Pay special attention to this because many of you are going to be using this loan program! Property condition is of major concern when searching for your new (or new to you) home. Here are some basic ideas to keep in mind when you’re looking at the property’s condition:FHA OkayCosmetic Wear & TearOutdated but in generally good conditionNot FHA OkayStructural issuesFoundation ProblemsNon working appliancesElectr Property Buyers ical problemsNo flooring (carpet, tiles etc..)Mold issuesTypically speaking, many “Fixer Uppers” don’t qualify for FHA. FHA wants to make sure that they loan you on a “quality” home that isn’t going to drain your financial reserves and possibly cause you to default on your loan.Finding FHA approved Condos in Los Angeles (Including Town Homes): HUD provides a list of FHA approved Condo and Town Home Complexes. You can go to their website, input the zip code of the Los Angeles Condo or Townhome Community and you will get a list of FHA Approved Condominiums And FHA Approved Townhomes.One of the main hang ups here is that you MUST know the name of the HOA (home owners association) or the corporation that owns the complex.If you have a good agent, they should be doing this work for you!I frequently tell my clients to strongly consider homes, condos or town homes that are as close to “move in ready” as possible.