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FHA Condo Project Approvals

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Mortgage and Lending with US Bank NMLS: 22343

FHA Condo Project Approvals

The short video below explains the process of getting a condominium project approved with the FHA, so that homebuyers (especially first-time homebuyers) may purchase condo units listed for sale. This video's target audience is HOA board of directors of any common interest development, or property management companies that oversee condominium projects.  However, we are all aware that often it is the real estate agents who are trying to list, or help a client buy, a condo unit who are uncovering the need for condominium project approvals.

 

 

For more information or to begin the condo approval process, get in touch with me at the contacts below and I look forward to being of service.  To find out if any project is approved with the FHA, you can click HERE.

Rob Spinosa, RPM Mortgage     877.270.5959     rspinosa@rpm-mtg.com

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James Loftis
RealEstate911.com - West Palm Beach, FL
RealEstate911.com

Interesting video, thanks for sharing.

Jun 16, 2011 08:42 AM
Rob Spinosa
US Bank - Larkspur, CA
Mortgage Loan Originator, Marin County

No problem, James.  Let me know if I can be of service or if you have any questions.

Jun 16, 2011 09:20 AM
John Saari
Worcester, MA
"The Mortgage Buddy"

Great video. The FHA approval process can seem frustrating but if approached the right way it's not too bad.

Jun 16, 2011 10:17 AM
Rob Spinosa
US Bank - Larkspur, CA
Mortgage Loan Originator, Marin County

Thanks, John.  And I have learned that there's also a process for getting waivers on certain attributes of projects.  For example, I am working with one project where there is a single entity which owns more than 10% of the units.  Normally, this would be a deal-breaker.  However, it turns out that the entity's interest was mandated by the town at the time the project was converted from apartments to condos.  So, in this case, the project is damned if they do, and damned if they don't.  If they follow the town's directive, they'll fail the FHA test.  I documented this thoroughly and presented the waiver request to the FHA and it is in process now.  I'll post the outcome when it's known.

Jun 16, 2011 10:30 AM