The FHA condo approval list

By
Real Estate Agent with Long & Foster Realtors
https://activerain.com/droplet/9Y2

FHA is the way to go these days, but when you are dealing with a buyer who is looking to go FHA with a condo project please make sure to check to make sure the condo project is an approved project on the FHA and Fannie Mae list.  I have provided the links below for you fellow agents to bookmark.   

 

There would be nothing worse than to get a buyer excited about their contract on a condo and get well underway with the processes of ownership to only find out that the lender can't get the loan processed, because the condo is not on the approved list for FHA.  We, as agents, need to also be diligent about researching all the avenues and new guidelines for loan programs such as FHA, so that we do not only depend on the mortgage bankers or lenders to provide us with the information that is critical to us getting our jobs done efficiently!  

 

Here is the website to see if a condo is FHA approved:

https://entp.hud.gov/idapp/html/condlook.cfm

 

Here is the website to see if a condo is Fannie Mae approved:

https://www.efanniemae.com/sf/refmaterials/approvedprojects/index.jsp?from=hp

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Anonymous
James Toney

At what point in the process does a condo complex get listed as Fannie Mae approved? Right after it attains approval status or when a certain number of units are sold or under contract? Thanks for your help. Any info would be appreciated.

 

James T.

Jul 22, 2008 12:17 PM #4
Rainer
26,373
Mario Blautzik
TBA - Rockville, MD

Excellent post. It makes it easier of everone involved when either the listing agent or the buyer's agent runs the condo association through HUD's link.  It also saves the client money if the lender orders the appraisal prior to checking to see if the condominium is on the approval list.

Apr 21, 2009 03:54 AM #5
Anonymous
Cindy Hendriks

Hi!

I use that link alot-it has been a great help to me and the condo part of my Biz.  Here's another suggestion...I've created an MLS search in which I have input the subdivision/condo community names and called it my "FHA approved condo search"-so now I can easily pull up in MLS all the condos currently available in my market area that are FHA approved, and I can link the auto search to any of my prospects...Happy Home selling to all!

 

PS-let me know if you have anyone who needs a good Realtor in the Beautiful Tampa Bay area in sunny Florida!

 

Blessings! 

Cindy Hendriks

The Hendriks Team

Smith and Associates Real Estate

St Petersburg, FL

727-342-3800

Jun 19, 2009 03:13 AM #6
Anonymous
Jeff

Spot approvals are officially gone as of Oct. 1, 2009.  If the condo project is not fully approved with HUD then you can't obtain an FHA loan in the complex.  Due to lenders changing their policies on condo lending you will need 20% to 25% down to purchase a condo unit using conventional financing.  The bottom line is if a condo building is not approved for FHA financing then your chance of selling a unit is almost impossible.  I work as a consultant to condo boards and builders getting them signed up with HUD so the owners can sell their units with FHA and VA financing. Please contact me by email if you have any questions on our services.

Aug 25, 2009 03:49 AM #7
Anonymous
Steve

I have a consulting business, Condo Approval Professionals LLC, that specializes in working with those that need to obtain FHA, Fannie Mae, Freddie Mac, approvals for their condominium projects. We have over 15 years of national project approval experience. Visit us on the web at www.condo-approval.com for more information. We would love to be your condo experts.

Steve Stenger

President

Condo Approval Professionals LLC

e-mail: steve@condo-approval.com

 

Oct 26, 2009 02:00 PM #8
Anonymous
Zack Adams

For those of you who find the HUD FHA search difficult to use I've created an easy to browse index of FHA Approved Condos : http://www.forfha.com

Nov 01, 2009 12:36 PM #9
Anonymous
Lee

I have been using www.checkfhaapproval.com they allow you to check by address, and they also garuntee the most up to date results.  HUD just dosen't seem to take good care of there records.

Nov 16, 2009 08:46 AM #10
Rainer
2,993
Zondre Morris
Long & Foster Realtors - Silver Spring, MD

Hi Lee,

 

I am not a fan of services that charge per search.  www.checkfhaapproval.com charges $2/search for something that is free to find using the HUD list.  There also have been some changes regarding spot approvals and what HUD will allow.  Hopefully this will help and not hurt the condo market.

 

Thanks for all the responses,

 

Zondre

Dec 09, 2009 08:04 AM #11
Anonymous
Steve Stenger

My company, Condo Approval Professionals LLC, specializes in assisting those in need of FHA approval for their condominium project. The FHA "spot" program ends at the end of January. After that, any condo that is not FHA approved will not be able to offer FHA financing to any buyers. This could cause values to drop in the community as the units will be on the market longer because conventional financing is tougher to get. If your condo is not FHA approved it will be at a disadvantage to those that are.

Contact us if you want to know more. You can visit us on the web at www.condo-approval.com.

Sincerely,

Steve Stenger

President

(847)293-2962

Jan 17, 2010 04:53 AM #12
Rainmaker
350,908
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Hi Zondre,

Thanks for the article!  I wanted to update a comment made here that Spot Approvals are no longer available and any complex needs to be approved through HUD to be eligible for FHA financing.

In addition, the USDA RD loan program uses the FHA approved list as well as does CHFA (here in Connecticut).  If the complex is not on FHA's list, these two programs are not available either.

Also, all condo complexes will need to be recertified every two years and those who were certified prior to Oct 1, 2008 will have to get recertified by Dec 7, 2010.

I assist complexes in getting approved and recertified.

Eric Boucher

eric@righttracfg.com

 

Feb 09, 2010 04:07 AM #13
Rainer
1,618
EDWARD ROHN
FHA-PROS - Westlake Village, CA

Only one source to "GET FHA APPROVAL" and" Check FHA APPROVAL" by address!!!

 

WWW.CHECKFHAAPPROVAL.COM

EROHN@GETFHAAPPROVAL.COM

1-818-307-0202

 

Feb 09, 2010 09:04 AM #14
Anonymous
Ed Donte

ALL,

First of let me correct the person on this blog who wrote about checkfhaapproval.com and not liking services that charge per search. Checkfhaapproval is not yet launched and will be on August 2nd and is a very unique service. It is the only service that allows you to search for FHA approval by address (not legal HOA name) and also get a detailed Eligibility report that outlines all the criteria (such as saturation, owner occupancy, etc..) and has very sophisticated technology that tells you if the association is Eligible for HUD approval. Its not enough to just have approval just ask HUD. Believe me if you are a real estate broker, lender, appraiser or buyer/seller its worth $2.99 to use their service. Its like carfax for our industry....

Regards,

Ed

Jul 25, 2010 03:08 PM #15
Anonymous
Steve Stenger

My company, Condo Approval Professionals LLC, can determine if a project is approved and determine eligibility for free. We have over 16 years of condo project approval experience through FHA, Fannie Mae, Freddie Mac, and VA. We perform these services all across the country and can help your condominium association too.

Visit us on the web at www.condo-approval.com for more information.

Steve Stenger

President

Condo Approval Professionals LLC

Phone (847) 293-2962

E-mail: steve@condo-approval.com

Website: www.condo-approval.com

 

Jul 26, 2010 03:13 AM #16
Rainer
2,993
Zondre Morris
Long & Foster Realtors - Silver Spring, MD

The www.checkfhaapprovals.com looks like it would have a lot of useful information.  There is a $4.99 charge per address search.  I wouldn't want to pay to check to see if a condo is approved prior to taking a client out.  This site looks like it would be better used when there is a potential condo offer to be made.

The problem with HUD's list that I just encountered was my listing was not on the FHA approved list, but when I looked at recent sales in the same association there were FHA sales.  I had to investigate to find out how that happened or what was going on.  I found out that for some reason HUD could not list the condo in its current city so they put it in a different city.  This only makes it confusing for us agents when trying to verify if a condo is approved and it makes it confusing for lenders.  If I had not looked at recent comps the buyer's lender would have denied the loan and we would be back at square one.  I say this to say please check all sources when trying to verify if a condo is on the FHA list or not. 

 

Sep 01, 2010 12:47 PM #17
Anonymous
Steve Stenger

You don't need to use checkfhaapprovals.com. I will pre-qualify your association and check on the approval for free.

My company, Condo Approval Professionals LLC, specializes in the area of FHA, Fannie Mae, Freddie Mac, and VA condo approvals. We have over 16 years of national project approval experience. More than almost every company doing this.

We would be glad to work with your associations to get this completed.

Steve Stenger

President

Condo Approval Professionals LLC

(847)293-2962

E-mail: steve@condo-approval.com

Website: www.condo-approval.com

 

 

Sep 02, 2010 03:18 AM #18
Rainmaker
551,889
Ellen Dittman
Watson Realty Corp. - Middleburg, FL
#1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r

Thank you for posting this back in April. I googled looking for information on fha approved condos and up it came. I referenced your blog as well to thank you on my blog of today.

Sep 14, 2010 09:56 AM #19
Anonymous
bryan

Who is giving mortgages on condos  I have found that if the condo I am looking at is not on the fannie mae approval list it will cost 1200.00 to get it approved with no guantee that it will it will qualify.   Is freddie mac better way to go?

Sep 24, 2010 11:03 PM #20
Anonymous
Steve Stenger

You don't necessarily have to obtain Fannie Mae formal approval unless the project is in Florida or there are things going on there that don't fit Fannie Mae guidelines like a high commercial property percentage, etc. Freddie Mac sometimes requires a submission. There are some lenders that can review projects and determine compliance with Fannie Mae and Freddie without that cost.

 

Steve Stenger

President

Condo Approval Professionals LLC

(847)293-2962

 

Sep 27, 2010 04:36 AM #21
Rainmaker
1,506,356
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

The problem with HUD website: you are able to get a result( if any) only during business hours and as you admitted it can be not as reliable.

May 25, 2014 05:49 PM #22
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We invite you back to ActiveRain in 2016!

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