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Is there a HECM type reverse mortgage that can be used to purcrchase a condo patio home in a complex that is VA approved, but not FHA approved. The complex is made up with over 90% owner occupied by seniors but Has. Ever been submitted for FHA approval.
Asked by a 63 year old woman from Cordova, TN on 10/23/2016
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A house needs to be FHA approved to qualify for a HECM or a HECM for purchase.
HUD is considering expanding the number of condos that qualify for FHA approved loans recently, but the rules have not been changed yet.
You can read about HECM for purchase here:
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