Keeping Abreast of the FHA Condo Approval Process

Buying a condominium can be a challenging process.  Add  FHA  into the mix and things get even more so.  It becpmes so very important that you deal with a lender that has experience navigating buyers through these special transactions.

Deborah Garvin, Gateway Diversified Funding, Oceanside, CA does an excellent job of explaining and instructing condominium-buying participants, both client and professional, through the special steps that should be considered both prior ... and during ... a FHA condo/purchase process.

For assistance in the Oceanside, CA region when buying a condominium ... please make sure to contact Deborah Garvin.  She has the expertise needed to get you to the closing table successfully.

If in the Chicagoland/Illinois region, please  contact me  for your condo purchase and for answers to all your home buying and mortgage questions. 

These FHA condo transactions are a perfect example of where professional appraising experience strategically comes in play for clients.  Feel free to contact me at any time ...

Gene

 

Keeping abreast of the FHA Condo Approval Process is crucial in ensuring successful closing of your condo listing or purchase.  There are very lenders doing spot approvals these days, so clarifying the status of a specific condo project BEFORE a purchase contract is entered into will save all parties concerned a lot of anxiety and frustration. 

It is also strongly recommended that the HOA certification is ordered at the BEGINNING of the loan process.  There are many reasons the purchase of a condo can run into issues in the underwriting process.  The most prevalent is the ratio of owner occupied units versus rentals; however, adequate reserves are becoming a serious obstacle when the vacancy percentage is high due to foreclosure or bank owned property.

TO CLARIFY THE CURRENT FHA CONDO APPROVAL/RECERTIFICATION PROCESS PLEASE SEE BELOW:

 

 

FHA Condominium Project Approvals Expiration Dates Extended:

 

FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.

 

Initial Project Approval Dates     Current Expiration Date        New Expiration Date

1972 - 1980                              December 7, 2010               December 31, 2010

1981 - 1985                              December 7, 2010               December 31, 2010

1986 - 1990                              December 7, 2010               May 31, 2011

1991 - 1995                              December 7, 2010               July 31, 2011

1996 - 2000                              December 7, 2010               August 31, 2011

2001 - 2005                              December 7, 2010               September 30, 2011

2006 - 2008 (Sept)                    December 7, 2010               March 31, 2011

 

The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions.  Lenders and/or other interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.

 

The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates.  The links to the sites are:

 

Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm

 

IN ADDITION, IF THE CONDO IS STILL ON THE APPROVED LIST THE UNDEWRITER IS RESPONSIBLE TO RECERTIFY THE CONDO AND WE STILL NEED THE FOLLOWING DOCUMENTS:

 

1-    Updated Completed Condo Questionnaire to make sure it still qualifies

2-    Current Budget

3-    Master Liability Insurance with a minimum of $1,000,000 coverage

4-    HO6 Policy

5-    UW to Complete Condo Recertification form

Deborah Garvin

If you are looking for answers and creativity to accomplish your home buying goals and financial stability, contact me for a thorough analysis of your current and future home buying and refinance opportunities.  FHA, VA, renovation expert, HUD Certified First Time Homebuyer Certified Mortgage Banker.

(619) 787-8212

 

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

AMPC Logo

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at:  815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

2 commentsGene Mundt • January 29 2011 05:15PM
Keeping Abreast of the FHA Condo Approval Process
share
Buying a condominium can be a challenging process. Add FHA into the mix and things get even more so. It becpmes so very important that you deal with a lender that has experience navigating buyers through these special transactions. Deborah… more
What Kind of Personality Do YOU Have? Take This Quiz.
share
My wife has a friend, that as of these last few weeks.. you'd better not be found standing still around her. If dormant even for a second, she'll clean and polish you, store you, or throw you out. Every conversation Marilyn has with Lisa… more
Ooooooo Baby. It's Cold Outside. Warm-Up by Planning Some Gardening…
share
In my previous post Ooooooo Baby. It's Cold Outside. Warm-Up by Planning Some Gardening, Part 1 I mentioned and listed some great gardening topics and ideas to curl up with during these cold winter days in the hopes of transporting you to a… more
Ooooooo Baby, It's Cold Outside! Warm-Up by Planning Some Springtime…
share
It's the dead of winter and we're now past the excitement of the holidays. Here in the Chicagoland area and more northern climates, we're settling into the months of more severe cold. These cold days and nights bring blistery winds and… more
DuPage County (IL) Senior Citizens Real Estate Tax Deferral Program…
share
DuPage County in Illinois like many other counties, offers many helpful forms of assistance to the senior residents living within its borders. One such program, is the DuPage County Senior Citizen Real Estate Tax Deferral Program Each… more
Goldilocks, the Three Bears, and Mortgage Programs.. What's the…
share
Pretty much everyone knows the children's story about "Goldilock and the Three Bears". It's become almost mandatory reading for any child and their family and it's been made repeatedly into children's movies too. You most likely know the… more
How Do You Compare Yourself and Your Successes to Others?
share
There's been alot of chatter here on AR as of late regarding the making of '2011' New Year marketing efforts/focus and Business Plans. It's the perfect time for reflection in this direction and I've seen some pretty great suggestions offered up… more