With the FHA spot approval going away earlier this year, we're left with getting a DELRAP or HRAP approval for some condominiums and townhomes. Now I am not a loan officer, but I do have to figure out how to get an FHA buyer's offer accepted in a non-FHA approved community and try to convince the listing agent to stick with us through the process.
Assuming there were some FHA buyers in the community in 2009 or early 2010, there is a good chance it could be approved again so I would expect escrow to take an extra 3 weeks for a DELRAP approval. I think HRAP is also possible in this time, but I have heard if your initial application is incomplete, it will really slow things down having to resubmit.
If you have recently completed a DELRAP or HRAP approval, how long did it take, and which lender did you use(if it was DELRAP)?
HRAP = HUD Review and Approval Process
DELRAP = Direct Endorsement Lender Review and Approval Process
More information available at http://www.hud.gov
A specific Mortgagee Letter found at