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FHA pre-approvals, new condo projects and the sudden sound of screeching tires on the pavement!
FHA Pre-Approvals, New Condo Projects and the sudden sound of screeching tires on the pavement (Repost)
You hear the words.."Oh, it's a new condo project!" being excitedly proclaimed from your young borrower's lips. "IT'S A WHAT?" you think to yourself?
I'm sure I'm not the only loan officer this has ever happened to. You've got your borrowers pre-approved for FHA financing and you've provided their agent with a pre-approval letter. Your excited young borrowers are now anxiously pounding the pavement looking for that perfect first home.
After several weeks of looking, they call one day and proclaim they've found the perfect house, they made an offer and it was accepted! You congratulate them and are equally excited for them. Then you hear the dreaded words......"Oh, and it's that brand new condo project in town!"
STOP THE PRESSES!!!!!! What do you MEAN it's a BRAND NEW CONDO PROJECT!?
Your heart sinks as you prepare to tell them the bad news. For a condominium to be eligible for FHA financing, it must be located in a project that has been FHA approved. Because the above scenario is a brand new project, most likely, the project is not approved, and ... more
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