| Author |
Previous Topic | Next Topic |
|
rtrefflich
2634 Posts |
 Posted - 04/09/2008 : 7:24:41 PM
|
| Just wondering, what makes a condo eligible or ineligible per FHA guidelines? |
|
ehm3
946 Posts |
Posted - 04/09/2008 : 7:33:23 PM
|
it has to be approved by HUD, which usually requires a condo review.
you can look up approved condos here
https://entp.hud.gov/idapp/html/condlook.cfm
if its not approved already you generally have a long road ahead of you, particularly if it is a brand new condo association. But it can be done, I've done it (although it has been so long I don't recall exactly how...I had to get the bylaws, budget, and a bunch of other crap and send it to HUD, and then wait.....and wait some more....and a bit more)
there is also something called "spot review" but to be honest I don't know how to deal with that.
more on the review process and requirements here:
http://www.hud.gov/local/tx/library/archives/2005-07-11condo.cfm
|
|
|
dkendall1979
8702 Posts |
Posted - 04/09/2008 : 7:34:41 PM
|
Spot reviews are fairly painless. At least that's been my experience so far. I don't know any other way of going about it but to get forms from my underwriter out to the broker when it comes to that, get those forms back and wait a week.
My life seems simple, doesn't it? |
|
|
Mandyvilla
2687 Posts |
Posted - 04/09/2008 : 8:52:10 PM
|
HUD spot approval is the way to go, unless it's less than one year old. Then, the only way you can make it happen is a full blown project approval. Mortgage companies usually pick up the tab for these using a contract PUD approval processor and it runs in the $1000's (contractor, plus the appraisal of each model and then each option).
QUICK ELIMINATION FOR CONDOS: IF THE PROJECT HAS LESS THAN 50% OWNER OCCUPANTS, IT'S NOT GOING FHA. (not sure on the HUD foreclosures, they may be exempt - been too long). |
|
|
rtrefflich
2634 Posts |
Posted - 04/09/2008 : 9:20:28 PM
|
Thanks, that is great information. I am trying to get into the FHA market, in so cal it has not been feasible for the past few years but it is looking good for the near future
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
