FHA Loan Approvals for Condos Changing
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 FHA financing, the most common form of financing for first time home buyers, requires that condo projects be approved by FHA in order to obtain financing on that condo building. For condominiums not FHA approved, FHA financing has required in the past that either approval be obtained for the entire project or that the lender apply for a "spot approval" (approval for the single unit being purchased). However, as of October 1, 2009, spot approvals are not available for condos unless the entire project is approved.
What does this mean? If you are taking advantage of FHA financing, don't waste your time looking at condos that are not already approved by HUD unless you are willing to spend a LOT of time gathering the documentation that is necessary to get a approval for the entire project.
If you want to check whether a particular project is approved by HUD, click here. Choose the state and type in as little information as possible in the "condo name" field (I recommend just the first letter of the condo project name). Then click SEND. If you need help, give me a call. |
First Time Buyers Race to Beat the Clock
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First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline. Those just beginning the process today will have to beat the average time it takes to buy a home, a challenge smart buyers can meet even though it's taking longer today to close most transactions....
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