FHA and condo purchases in Macomb County MI - how to find out if the complex is approved

By
Real Estate Agent with Keller Williams Realty - Lakeside Market Center

Find an FHA or VA approved condo complex in Macomb County MIOur local real estate market has some of the best buys that I've seen in over 10 years, and condominiums are no exception.  In fact, I think condo prices are the best bargain out there in Macomb County right now.

The prices have come down so low that even the most elegant of condos is now reaching into FHA financing loan limits range.  Many people are starting to realize this and have inquired recently as to whether a condo in our area can be purchased with an FHA (or VA) mortgage.  The answer is a resounding yes.  Keep in mind though that not every condo complex is HUD approved and a bit of background work should be done by your agent or mortgage lender prior to making an offer on one of these great buys.


When I have a buyer client that wants to purchase a condo
and is using an FHA or VA  mortgage I do my homework ahead of time prior to viewing them.  One of the resources that is available to all of us is the HUD website that has a list of approved condo complexes.

You can search using a city or a zip code and the approved list will be shown. 

Here is the link to HUDs search site for approved condos.  If the complex is on the approved list you can then proceed with some reassurance that your FHA (or VA) mortgage will proceed without any glitches for this part of the process.  If it is not on the list you can still talk with your mortgage lender and buyers agent about a "spot approval". ( Please feel free to call me or your mortgage lender to ask about spot approvals and what they entail.)

Talk to your buyers agent about this before you start viewing condos.  Having as much information as you can ahead of time will help to make sure your purchase proceeds smoothly and with as little stress as possible for you.


~Kris Wales~ A partner for your real estate needs in Macomb County MI

More real estate and local articles about Macomb County MI can be found here.

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Rainmaker
546,584
Brian Sharkey
SharkeyRE LLC - Port St Lucie, FL
SharkeyRE - #SouthFloridaBroker

Kris,

 

Great information about FHA, I'm going to use the links today.

 

Sharkey

Jan 26, 2009 10:03 PM #1
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Kris,

What a great tool. Have you found that it's pretty accurate and gets updated?

Rich

Jan 26, 2009 10:04 PM #2
Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Kris, I saw your post pop up on twitter. Clicked on it and came here. Interesting how fast twitter works isn't it...

Jan 26, 2009 10:04 PM #3
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Brian,  I have the link bookmarked on all of my computers. Then it is just a fast check for potential buyers.  Makes life much easier all the way around for them and their mortgage lender.

Richard:   I've found it to be very accurate for my area.  In fact, one of the complex's in our area that went off the approved list happened within days of us hearing about it. 

Michael:  Whoa..that was fast!  Thanks for letting me know that.

Jan 26, 2009 10:09 PM #4
Rainmaker
720,587
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Kris--This is great information that some people don't understand until after the offer is made...then they have to start all over if they only qualify for FHA. 

Jan 26, 2009 11:41 PM #5
Rainmaker
300,425
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

We have a development here that was not able to get FHA approval because of that their prices went from the low $200 to just under $100k now.

Jan 27, 2009 01:40 AM #6
Rainer
292,557
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Great information Kris.  I have never done a HUD or FHA loan so this is very helpful incase I do in the future.

Jan 27, 2009 02:17 AM #7
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Great advice not lets find the condo we like and get moving.

Jan 27, 2009 08:40 AM #8
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Teri:  I don't want my buyer clients to get their hopes up about a condo only to find out later that it isn't in an approved complex.   It's always best to check first, show second.  Thanks Teri.

Heather:   I wonder if it was taken off the approved list because of other issues:  Too many foreclosures in the complex, not enough occupied, etc?   I haven't heard of a condo complex not being approved because of value declining. 

Diane:   It's always amazing to me to hear that in other areas of our country many people have not worked with an FHA or VA buyer yet.   They have been the majority of our mortgage products for years here, with the exception of the stated income boom years.  

Terry:  Ditto :-)   Hope all is well with you.

Jan 28, 2009 10:46 PM #9
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Rainer
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Kris Wales

Real Estate Blog & Homes for Sale search site, Macomb County MI
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