I read a recent article in the Chicago Tribune that stated,
"Also, approvals for condos take eight to 10 weeks, twice the processing time for single-family dwellings."
It does not. To get some real facts I contacted Eric Bornebusch a senior loan officer at JPMorgan Chase.
Here is what he said,
"A condo development needs to be FHA approved to be able to finance a unit with an FHA loan. If
the development is existing, and already FHA approved, its very easy, just
like a single family home. If the condo project is NOT FHA approved, a
spot approval can be done, if the project meets FHA requirements. This
requires a fair amount of paperwork and some extra processing time, but not
10 weeks. If the project is new construction, and not FHA approved, it
becomes extremely complicated and paperwork intensive, and could well
require more than the 10 weeks mentioned below."
The Chicago Tribune reporter mixed up processing an FHA loan application to approval with processing an FHA approval of a condo development - something that in most cases will have already been done.
Let me know if you would like to contact Eric for mortgage information for a purchase or refinance. Some buyers already have financing lined up with a lender they have chosen. If they haven't (sometimes even if they have), I send them to Eric and generally 2 or 3 other lenders. Whoever make the best impression - usually with the best deal or the best response time - gets the business.
If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.
Do you have good credit? Looking to buy a home in the price range 175,000 to $800,000? That is our specialty. If you are thinking about buying a home in the Cherry Hill, New Jersey (NJ)area in the near future, call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.
We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.
Paul Howard
Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444
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