Buying A Home
pugrace
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Is this housing discrimination?
So we live in a townhome community, and it is not FHA approved. We have had 3 potential buyers who have FHA loans who had to pass because the subdivision isn't FHA approved. I don't know who approves who (the managment company or FHA) but doesn't that seem like discrimination? And maybe its becasue we have been on the market for almost 9 months and I don't have any of my belongings in my home, and maybe its because I am so ready to move, and start a family, and use my new towels I got for a wedding gifts that still in the damn box (along eith everything else we got 10 months ago). Maybe its just because its 3:25 am and I can't sleep and I am deleriously tired and exhausted and ready for my life as a happy married couple instead of the constant cleaning and have a fake prestine house where we can't have 1 dish in the sink or one coat thrown over the banister. I feel like we would have sold months ago if this stupid f-ing neighborhood accepted FHA!! Ok end rant....
Re: Is this housing discrimination?
http://homeguides.sfgate.com/can-hoa-refuse-fha-approval-63830.html
The short answer: No. Not housing discrimination. See link for more.
HOAs have to be approved by the FHA to accept FHA mortgages. Some HOAs do not have the money or the personnel in place to administer all the FHA rules they must do if they are to accept FHA mortgages.
If your home isn't FHA eligible, it shouldn't have even been shown to those buyers.
My guess is it was their way of protecting the building from those who they felt wouldn't be as invested (or able) in taking care of the building and their unit.
Lenders know that people who put more money down for their home purchases tend to stick with the homes longer and have lower foreclosure rates (the HOA probably recognized this too). Call a spade a spade. A person who puts 20%+ down on a home (conventional or cash) is way more vested monetarily than someone who puts down 5% or 0% (FHA, etc.).