Triple Crown Condominiums, in Solana Beach, CA, were approved for FHA loans on April 8, 2010. The HUD approval # is S008356 and can be found on the FHA Condo Approval website.
Triple Crown condo owners now have the ability to refinance into a fixed rate home loan, without the 20% equity requirement most conventional lenders require.
FHA loans allow for a loan up to 96.5% of the appraised valuation for loan refinances that have not "taken cash out" in the past twelve months. This means that no prior refinances nor withdraws from lines of credit could be made in the past twelve months. "Cash out" on the property, beyond the 12 month window, still qualifies the borrower to receive financing up to 96.5% of the appraised valuation.
Any "cash out" refinances in Triple Crown would be limited to 85% of the appraised valuation, per FHA guidelines.
FHA loans are full-documentation loans, which allow for a debt-to-income ratio up to 55%. The borrower's credit score must be 640 or higher.
Triple Crown condo owners, looking to refinance their home loan, might check Zillow.com for a "Zestimate". While Zillow doesn't offer a wholly accurate depiction of what the appraised valuation might be, it is a great starting point to get a "ballpark" valuation.
Home buyers interested in Triple Crown condos might look at JustListedSanDiego.com to see current offerings in the complex.
FHA MORTGAGE INFORMATION:
Search current FHA rates fro Triple Crown at RatePeeker.com
Apply for an FHA loan in Triple Crown at LoanApp.info
