Guidelines for FHA Condo Approvals In Flux
Posted by Hamid Grinage on Tuesday, September 15th, 2009 at 4:53pm.Currently if you are approved for an FHA loan and you are looking for a Condo, the Condo development must be on the "HUD" approved list for condos. If it isn't, there is what is called a "spot approval" that the lender can do where they evaluate the development on an individual basis and approve it for FHA financing as long as it meets certain criteria.
As of Nov. 1, there are changes to the FHA guidelines for Condos that will be going into effect, although they haven't announced exactly what the changes will be. The bottom line is that it could become more difficult to purchase a condo with an FHA loan in the coming months, depending on exactly how they change the guidelines.
I will update this blog when I have more details.
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I can help with this process of navigating the FHA approvals. My consulting company,Condo Approval Professionals, specializes in this area. Contact me at steve@condo-approval.com for more information. Visit our web site at www.condo-approval.com.
Posted on Wednesday, October 21st, 2009 at 10:18 AM.