As you are probably aware, Most FHA Condo Approvals Expired in December 2010. HUD came out and extended many approval dates into 2011. It is important if you are working with condo buyers to be aware of these dates. If your buyers apply for a mortgage and get an FHA case number prior to these dates they will be able to be approved for FHA Financing. After these dates the Projects will require a FULL FHA approval in order to close an FHA Mortgage.
These full approvals are expensive and lenders will not be able to do them on an individual basis, the good news: The new approvals will be good for 2 years.
It would be a great idea to approach the condo associations in your area to suggest they look into a full blown approval to make the properties more marketable. There are NO more Spot approvals for FHA loans.
Here is the List for Lakewood NJ 08701:
If you are working with a Condo Buyer, or if you are thinking of buying a condo yourself this is important information to have to be sure you have multiple options for financing your new home.
If you would like to have the list for other towns, please send me an email and I will be happy to provide it for you.
Have a great week
Rob
Mortgage Banker
NMLS ID# 248937
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
Real Estate Mortgage Network Inc.
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