The new rules are shaking up the condo world in the Chicagoland area and Elgin Fox Valley!
Wondering if the condo you're interested in purchasing is currently approved by FHA? Visit this site to find out: https://entp.hud.gov/idapp/html/condlook.cfm
Beginning 2/1/10, there will be some changes in the way FHA handles condo approvals. Spot approvals, meaning those that are done on individual condos (case by case) will no longer be allowed. In this difficult market, many condo buyers who are searching for FHA approved condos will need to look on a shorter list of approved properties. See the link above for assistance on that in your area. The alternative is to see if the condo board can get approval via HUD or DE Lender Review and Approval Process, however, these are far more complicated application processes than the FHA one page questionnaire that the condo's association Housing Authority did previously. If the association is thinking about getting an approval, they need to get the paperwork moving as soon as possible or lose potential buyers.
Jennifer Kinzle, E-Pro Realtor
Keller Williams Fox Valley