fha spot approval: The Slippery Slope of FHA Condo Approval - 02/16/11 05:14 AM
Oh what a slippery slope we climb when trying to list and purchase a condominium.
FHA has tightened the thumb screws on condominium purchases.
The reason for this is they don't want to loan on condos where the homeowner's association (HOA) is unable to pays bills (i.e. maintain the common areas) due to too many vacancies or current homeowners behind paying monthly dues.
So what's the big deal? A lot of perspective buyers of a condominium will be using an FHA loan to purchase (decent rates and low down requirements). That leaves all-cash buyers and there are not that many running around wanting to … (3 comments)

fha spot approval: How to save the escrow team time and money with FHA condo transactions. - 11/06/09 01:02 AM
What's more annoying than someone scratching their nails on chalkboard? Working on a condo re-sale transaction for 20+ days only to find out the complex is not FHA approved, needs spot approval, needs lender certification, blah, blah, blah.
Hate to bash loan officers but there are a few out there that are unaware of the recent FHA rules for condominiums.
I had the pleasure of speaking with Jim Larson with Bank of Commerce the other day. I was complaining to him about a transaction I was working on with another loan officer...
"Jim, I am in a situation where we have … (2 comments)