Help! Taking FHA subj to

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Posted by chris on March 11, 2003 at 09:21:53:

In regards to taking FHA loans subject to, I know you have to be extra careful with the ones designed for disadvantaged/low-income folks, because the lenders are extra wary of the titles transferring subj to due to abuse.

I've come upon one that i can't figure out the deal with. If it's just a standard FHA, fine. But there's a rider attached to it which outlines reasons for accelaration of the loan. The confusion arises because there is no mention about any sort of tax-exemptions or financing, just about acceleration.

Here's a link to one (they're all standard):
http://www.phfa.org/guidelines/sguide/forms/59.pdf

I'm thinking that the reason for the rider is b/c the loan is financed with mortgage bonds. Can anyone verify this? And more importantly, can anyone relay any experiences taking a loan w/ this rider subj to?

Thank you


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