Posted on: 21st Jan, 2011 12:03 pm
I’m applying for an FHA loan on my home; I bought it one and a half years ago with a hard money lender because of the condition of the house. Now with the help of all my friends and some family it’s livable and approved by the city of Los Angeles. Before I bought the property the city had it boarded and fenced up and soon after I bought it place a lien on the property for $ 5,628.00. The balance was added to my current property taxes. Property taxes are divided in to 2 payments a year. First payment was done and the next one isn’t due until 4/11. Will this lien on my property hold me back from getting an FHA loan?
Hi flipper,
A lien on your property will hamper your chances to get a loan. The lender will ask you to pay off the lien before they approve you for a mortgage.
Thanks
A lien on your property will hamper your chances to get a loan. The lender will ask you to pay off the lien before they approve you for a mortgage.
Thanks
FHA requires that you satisfy any liens or judgements before closing.
Thanks for the info. I'll start to work on that lien right away.