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21 Comments on The FHA condo approval list
Zondre,
This is a powerful tool to provide to your fellow Agents. You are absolutely wright about approved FHA condo list. Rule of thumb is that pretty much all existing old condo projects in our area market will be on the list except where the condo has high investor concerntraion.
Good job!
Hans
At what point in the process does a condo complex get listed as Fannie Mae approved? Right after it attains approval status or when a certain number of units are sold or under contract? Thanks for your help. Any info would be appreciated.
James T.
Excellent post. It makes it easier of everone involved when either the listing agent or the buyer's agent runs the condo association through HUD's link. It also saves the client money if the lender orders the appraisal prior to checking to see if the condominium is on the approval list.
Hi!
I use that link alot-it has been a great help to me and the condo part of my Biz. Here's another suggestion...I've created an MLS search in which I have input the subdivision/condo community names and called it my "FHA approved condo search"-so now I can easily pull up in MLS all the condos currently available in my market area that are FHA approved, and I can link the auto search to any of my prospects...Happy Home selling to all!
PS-let me know if you have anyone who needs a good Realtor in the Beautiful Tampa Bay area in sunny Florida!
Blessings!
Cindy Hendriks
The Hendriks Team
Smith and Associates Real Estate
St Petersburg, FL
727-342-3800
Spot approvals are officially gone as of Oct. 1, 2009. If the condo project is not fully approved with HUD then you can't obtain an FHA loan in the complex. Due to lenders changing their policies on condo lending you will need 20% to 25% down to purchase a condo unit using conventional financing. The bottom line is if a condo building is not approved for FHA financing then your chance of selling a unit is almost impossible. I work as a consultant to condo boards and builders getting them signed up with HUD so the owners can sell their units with FHA and VA financing. Please contact me by email if you have any questions on our services.
I have a consulting business, Condo Approval Professionals LLC, that specializes in working with those that need to obtain FHA, Fannie Mae, Freddie Mac, approvals for their condominium projects. We have over 15 years of national project approval experience. Visit us on the web at www.condo-approval.com for more information. We would love to be your condo experts.
Steve Stenger
President
Condo Approval Professionals LLC
e-mail: steve@condo-approval.com
For those of you who find the HUD FHA search difficult to use I've created an easy to browse index of FHA Approved Condos : http://www.forfha.com
I have been using www.checkfhaapproval.com they allow you to check by address, and they also garuntee the most up to date results. HUD just dosen't seem to take good care of there records.
Hi Lee,
I am not a fan of services that charge per search. www.checkfhaapproval.com charges $2/search for something that is free to find using the HUD list. There also have been some changes regarding spot approvals and what HUD will allow. Hopefully this will help and not hurt the condo market.
Thanks for all the responses,
Zondre
My company, Condo Approval Professionals LLC, specializes in assisting those in need of FHA approval for their condominium project. The FHA "spot" program ends at the end of January. After that, any condo that is not FHA approved will not be able to offer FHA financing to any buyers. This could cause values to drop in the community as the units will be on the market longer because conventional financing is tougher to get. If your condo is not FHA approved it will be at a disadvantage to those that are.
Contact us if you want to know more. You can visit us on the web at www.condo-approval.com.
Sincerely,
Steve Stenger
President
(847)293-2962
Hi Zondre,
Thanks for the article! I wanted to update a comment made here that Spot Approvals are no longer available and any complex needs to be approved through HUD to be eligible for FHA financing.
In addition, the USDA RD loan program uses the FHA approved list as well as does CHFA (here in Connecticut). If the complex is not on FHA's list, these two programs are not available either.
Also, all condo complexes will need to be recertified every two years and those who were certified prior to Oct 1, 2008 will have to get recertified by Dec 7, 2010.
I assist complexes in getting approved and recertified.
Eric Boucher
eric@righttracfg.com
Only one source to "GET FHA APPROVAL" and" Check FHA APPROVAL" by address!!!
WWW.CHECKFHAAPPROVAL.COM
EROHN@GETFHAAPPROVAL.COM
1-818-307-0202
ALL,
First of let me correct the person on this blog who wrote about checkfhaapproval.com and not liking services that charge per search. Checkfhaapproval is not yet launched and will be on August 2nd and is a very unique service. It is the only service that allows you to search for FHA approval by address (not legal HOA name) and also get a detailed Eligibility report that outlines all the criteria (such as saturation, owner occupancy, etc..) and has very sophisticated technology that tells you if the association is Eligible for HUD approval. Its not enough to just have approval just ask HUD. Believe me if you are a real estate broker, lender, appraiser or buyer/seller its worth $2.99 to use their service. Its like carfax for our industry....
Regards,
Ed
My company, Condo Approval Professionals LLC, can determine if a project is approved and determine eligibility for free. We have over 16 years of condo project approval experience through FHA, Fannie Mae, Freddie Mac, and VA. We perform these services all across the country and can help your condominium association too.
Visit us on the web at www.condo-approval.com for more information.
Steve Stenger
President
Condo Approval Professionals LLC
Phone (847) 293-2962
E-mail: steve@condo-approval.com
Website: www.condo-approval.com
The www.checkfhaapprovals.com looks like it would have a lot of useful information. There is a $4.99 charge per address search. I wouldn't want to pay to check to see if a condo is approved prior to taking a client out. This site looks like it would be better used when there is a potential condo offer to be made.
The problem with HUD's list that I just encountered was my listing was not on the FHA approved list, but when I looked at recent sales in the same association there were FHA sales. I had to investigate to find out how that happened or what was going on. I found out that for some reason HUD could not list the condo in its current city so they put it in a different city. This only makes it confusing for us agents when trying to verify if a condo is approved and it makes it confusing for lenders. If I had not looked at recent comps the buyer's lender would have denied the loan and we would be back at square one. I say this to say please check all sources when trying to verify if a condo is on the FHA list or not.
You don't need to use checkfhaapprovals.com. I will pre-qualify your association and check on the approval for free.
My company, Condo Approval Professionals LLC, specializes in the area of FHA, Fannie Mae, Freddie Mac, and VA condo approvals. We have over 16 years of national project approval experience. More than almost every company doing this.
We would be glad to work with your associations to get this completed.
Steve Stenger
President
Condo Approval Professionals LLC
(847)293-2962
E-mail: steve@condo-approval.com
Website: www.condo-approval.com
Thank you for posting this back in April. I googled looking for information on fha approved condos and up it came. I referenced your blog as well to thank you on my blog of today.
Who is giving mortgages on condos I have found that if the condo I am looking at is not on the fannie mae approval list it will cost 1200.00 to get it approved with no guantee that it will it will qualify. Is freddie mac better way to go?
You don't necessarily have to obtain Fannie Mae formal approval unless the project is in Florida or there are things going on there that don't fit Fannie Mae guidelines like a high commercial property percentage, etc. Freddie Mac sometimes requires a submission. There are some lenders that can review projects and determine compliance with Fannie Mae and Freddie without that cost.
Steve Stenger
President
Condo Approval Professionals LLC
(847)293-2962