3 Helpful FHA Search Tools

By
Services for Real Estate Pros with ReadySetLoan Condo Team LLC

3 Helpful FHA Search Tools

In working with condominium projects to help them get approved with FHA, I am constantly using the FHA search tools.  I hope that these will be of use to all of you.  You can click the pictures to lead you to the sites.

 

FHA Approved Condominium Listfha condo lookup tool

This is the one that I use most frequently, for obvious reasons.  It can be a little tempermental if you don't input the name of the condominium exactly as it appears in HUD's system.  For example, the legal name of Cromwell Hills Condominium Phase II is actually "Cromwell Development Condominium Association (#1) Corp."  If you look it up by either of these names, you won't find it.  For whatever reason, it's labeled as "Cromwell Condominium*".

I find that the best practice is to look up condominiums by city/state and scroll through them.

This will provide information as to whether or not the condominium project is approved, when it was approved, when its approval expires, the address of the project, its FHA Condo ID and any notes specific to the project such as if there are Affordable Housing Units.

 

FHA Condominium Package Logging Search Tool

fha condo package logging search

This search tool was added when FHA implemented their overhaul of the condominium approval guidelines and processing.  It has been modified in the past couple of months (I can't remember when) because it used to contain the name of the person who submitted the package.  [This is kind of a bummer for me because my name was everywhere!]

When FHA receives a condominium approval package, the mailroom randomly assigns it to a project reviewer.  Once the reviewer receives it, it is "logged" into the system and that date is noted here.  FHA says to allow up to 30 days from this date to process a file and will not accept communications about the status prior to 30 days or the review of the file, whichever comes first.

I use this site to track processing times and whether or not a submission was received.  If a package is received by FHA and not logged within 5 business days, FHA says to contact them.

The site is not always accurate as to the file's status.  For example, below is the current status for 84 Skyview Condominiums in Cromwell, CT.  It shows as being "Received" on 10/22/13 but it should read that it was Approved on 10/31/2013 (this was one of mine).

 

FHA Maximum Mortgage Loan Limitsfha maximum loan limits

This one sort of speaks for itself.  I don't use this one as much as I would if I were a real estate agent or a mortgage broker/lender.  But it does come in handy when I field phone calls.  It allows me to speak intelligently about the FHA loan limits in an area.

The searches are done by State, County, County Code or MSA.  There is no option to search by city or town.

Two weeks ago I received a call from a property manager in Dallas, TX, inquiring about an FHA approval for one of her projects.  I went through the standard question and answer session about owner-occupancy rate, financial status, insurance coverage, etc.  It came out that the values of the vast majority of the units were above $450,000 so I looked up the maximum loan amounts in the Dallas MSA.  It turns out that the maximum loan amount for a single-family in this area is $271,050.

I presented to her all of the information and drafted a proposal about which she could speak with the Board of Directors.  They may not move forward with the approval but at least they are armed with the proper information to make an informed decision.

I hope that these prove to be 3 Helpful FHA Search Tools for you!

Posted by

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

 CAI-CT logo

 Check out our article in Common Interest magazine on page 19!

Find Eric Boucher with ReadySetLoan Condo Team on Google+

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Les & Sarah Oswald 12/06/2013 02:09 AM
  2. Winston Heverly 03/02/2014 11:21 AM
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Ambassador
1,648,338
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

These are useful links.   It is always good for us to know the status of the various condo project when it comes to financing.

Dec 06, 2013 02:06 PM #10
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Fernando.  Joan's comments are a little scary.

Dec 06, 2013 07:27 PM #11
Rainmaker
2,223,230
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

These search sites are priceless and save so much time. Thank you for always keep us up to date on everything condo related.

Make it a great weekend!

Dec 06, 2013 07:45 PM #12
Rainmaker
384,514
Bill and MaryAnn Wagner
Wagner Real Estate Group - Ocean City, NJ
Jersey Shore and South Jersey Real Estate

Eric,

Thanks for the information. Bookmarked it for future reference.

Dec 06, 2013 09:57 PM #13
Rainmaker
2,933,125
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Eric... I've used two of your suggestions regularly. But never knew about tracking packaging links. Thanks. Will bookmark for future reference.

Dec 06, 2013 10:24 PM #14
Rainmaker
483,956
Terry McCarley
REMAX Realty Team - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

Thanks for sharing these links.  Bookmarking for future reference!

Dec 06, 2013 10:46 PM #15
Rainmaker
431,912
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Thank you for sharing this- I don't sell many condos but I will bookmark this for the next time I do!!!

Dec 07, 2013 12:15 AM #16
Rainer
275,896
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Eric, thanks for the post. Even we as Mortgage lenders sometimes forget the tools of the trade.

Dec 07, 2013 12:52 AM #17
Rainer
116,418
Ric Mills
Keller Williams Southern Az - Tucson, AZ
Integrity, Honesty, and Vast Real Estate Knowledge

Awesome post and it can save a lot of time and money.

Dec 07, 2013 02:01 AM #18
Rainer
468,049
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Appreciate the information and links. Thanks for sharing.

Dec 07, 2013 03:39 AM #19
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Eric, thanks for sharing good info for FHA mortgages - most important one being 'approval' one!

Dec 07, 2013 04:30 AM #20
Rainer
12,356
Diana Walton
Champion Real Estate Group - Katy, TX
Diana Walton

Eric, thank for sharing this information.

Dec 07, 2013 09:18 PM #21
Rainmaker
350,491
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Thank you all for your comments.  I am pleased that these will come in handy.

Joan - I run into this frequently as well.  I have not seen evidence that FHA borrowers are more likely to fall behind on their condo fees.  FHA condominium loans are among the best-performing loans for FHA.  The fact is that any type of borrower runs the risk of job loss and 90% of Americans only have enough money to on for 3 months.  At least in my state of Connecticut, I have seen data to prove that non-FHA approved condos take longer to sell and sell for lower prices than their counterparts in FHA-approved projects.

Dec 07, 2013 10:34 PM #22
Rainer
31,787
Sharon Webb Raleigh-Durham NC Home Sales
Webb Realty Group | Coldwell Banker Advantage - Raleigh, NC
Trusted Adviser & Client Advocate!

Great post! very helpful!

Dec 08, 2013 02:04 AM #23
Rainmaker
1,431,110
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Great tools.  Being able to find out if an association is approved for an agent is a great tool when we go to sell the home.

Dec 08, 2013 04:40 AM #24
Ambassador
207,439
Jon Sigler
Keller Williams - Greater Hartford - South Windsor, CT
South Windsor Homes for Sale 860-306-8029

Great tools!  Thanks for sharing.  

Dec 08, 2013 06:24 AM #25
Rainer
203,319
Robert Hicks
United Country River City Realty - Savannah, TN

Thanks for the info.. Looking forward to learning more...

Dec 09, 2013 01:40 AM #26
Rainmaker
120,440
Sean Williams
AcklesWilliams of Semonin Realtors - Louisville, KY
Your Louisville Realtor

Eric, great informative post. I use the FHA website to check condo approvals all the time but I never considered the other tools on there. Thanks!

Dec 09, 2013 02:06 AM #27
Rainmaker
1,494,901
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I sure could have used that package search tool a few months ago. A subdivision kept promising FHA approval & the mgmt company was doing something hinky & it took a year.

Dec 09, 2013 08:21 AM #28
Rainmaker
240,060
MaryBeth Mills Muldowney
TradeWinds Realty Group LLC - Braintree, MA
Massachusetts Broker Owner

Have you heard anything about a lower owner occupancy ratio?

Mar 09, 2016 05:14 AM #29
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Rainmaker
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