Fha Spot Approvals are Officially No More
Posted by Hamid Grinage on Tuesday, February 9th, 2010 at 2:50pm.You may have read in one of my recent posts about the fact that Fha is changing their guidelines with regards to Condos. Well unfortunately as of Feb 1 the Fha is not going to approve any loans for the purchase of a Condo unless the Condo Development is already on the list of approved Condos. So basically this means that if you an Fha buyer and you are looking to buy a Condo, your options are significantly more limited than they were last month. There a few lenders who are looking for ways around this, but currently it just isn't possible.
So if you have been recently pre-approived for financing or are in the process now, make sure you are clear that if you intend to buy a Condo, you need to make sure that your agent verifies whether or not the development is approved..or it could end up being a big waste of time.
In fact, Fha guidelines in general are changing..even the down payment and Fico score requirements may be changing soon. So we are constantly in a state of change, and as the housing and financial markets attempt to rebound there are bound to be some bumps along the way as lenders look to decrease risk.
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