irvinehomeowner
Well-known member
As SGIP mentioned a while back, most pre-existing FHA approvals for condo developments expired around the end of 2010.
This is significant because any first time home buyers (or any buyer) looking to use an FHA loan has the already low inventory lowered even more because they won't be able to get a loan on a condo.
For first time home buyers, who probably have a price range that is geared for condo over an SFR... this is a problem. My question here is how does one get FHA approval?
From what I've read, the FHA no longer does spot approvals and it's a complex process that requires documentation from the HOA, statistics regarding number of owner-occupied vs. rental units in the tract etc etc. I've been told by a former BofA lender, that they can try to get FHA approval for you, for a fee... but considering there are no longer spot approvals... what are the chances of success?
Hopefully, since Tuesdays are SGIP days (I think), he can chime in here with some knowledge.
BTW: Most or all of TIC's new detached condos have FHA approval... another reason why people would be "forced" to buy from them than resale.
This is significant because any first time home buyers (or any buyer) looking to use an FHA loan has the already low inventory lowered even more because they won't be able to get a loan on a condo.
For first time home buyers, who probably have a price range that is geared for condo over an SFR... this is a problem. My question here is how does one get FHA approval?
From what I've read, the FHA no longer does spot approvals and it's a complex process that requires documentation from the HOA, statistics regarding number of owner-occupied vs. rental units in the tract etc etc. I've been told by a former BofA lender, that they can try to get FHA approval for you, for a fee... but considering there are no longer spot approvals... what are the chances of success?
Hopefully, since Tuesdays are SGIP days (I think), he can chime in here with some knowledge.
BTW: Most or all of TIC's new detached condos have FHA approval... another reason why people would be "forced" to buy from them than resale.