Question

Dana and Phil have evaluated their situation, and have decided to purchase a unit in a cooperative housing project. Which FHA loan program might work for them?

Answer 1

Answer:

Title ll Section 203(n)

Explanation:

The FHS-insured 1st mortgage loans are loans that a borrower can use to help purchase a home as a primary residence. The FHA loan program that would for Dana and Phile would be a Title ll Loan, specifically Section 203(n). This section of the program is specifically for individuals looking to purchase of a unit in a cooperative housing project. Which in this case is exactly what Dana and Phil are trying to purchase a unit in.