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Hey, not every place is FHA approved!!@#$%

By Donna Marie Godfrey

Real Estate Broker/Owner with Godfrey Properties RM422969

March 29, 2009 01:36 PM

I am listing a property right now in a condo development....."condo" is the optimum word. The whole development never had an FHA funded settlement, and, it's one of the most affordable selections in the school district! The property manager insists that the development will never be an FHA approved development as it's too hard to contact every owner to get a unanimous "yes" to FHA. I will tell you that there is a another way......"spot approval".....FHA will approve one unit in the development! Eureka! It's out there boys and girls....Also, Fannie Mae has a list of the approved developments on the website https://www.efanniemae.com/sf/refmaterials/approvedprojects/index.jsp?from=hp

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Fran Gaspari

Patriot Land Transfer, Inc. - Limerick, PA

"The Title Man" - Title Insurance - PA & NJ

Donna Marie,

Gotta love those spot approvals...!!! Thanks, Fran

Mar 30, 2009 02:06 AM

Anonymous

Lisa Fitzsimmons

Also, Donna, if the building in that development/community is not 100% complete, you may not get that FHA loan. FHA and VA are also quite strict when it comes to the associations by-laws and who is named therein. For instance, in NJ there's a development called Great Gorge, which has townhomes and condos. There are I think 5 sub-sections in "Great Gorge". The section that my buyer wanted was not approved because it was listed as the "hotel" section in the by-laws. It had nothing to do with a hotel that was on the premises, but due to the way the by-laws read, and who the association fees were payable to, he could not get the loan approved. Of course, the "hotel" section would not have their by-laws re-written to rename the section, but that's apparently all that needed to be done.

Apr 09, 2009 04:35 AM

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Donna Marie Godfrey

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