Profile picture for gksikkema

How can I find out if the condo property I am looking that accepts FHA loans? Is it up to the board?

I am a board member at Tinley Arbors Condo Association, and we are trying to find out if people are allowed to purchase units in our building with FHA loans. How can I find this out? Does the board determine this?
  • November 23 2013 - Tinley Park
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Answers (10)

Profile picture for AdrianChu
There is a long process to get FHA approval.

But simply to find out, HUD has a tool for you to do a quick search.

https://entp.hud.gov/idapp/html/condlook.cfm
  • February 17 2014
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Profile picture for TracyLoggins
If you are buying this property as your primary residence why bother with FHA.  Get a 5% down conventional loan and forget the up front MI and the 1.35% MI for the next 30 years.  If it is a second home will require 10% and investment property 20%.
  • February 16 2014
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The Board would have to fill out an application and submit other documents to apply to have the building FHA approved so that someone can use FHA financing to purchase a unit there. You asked if "the board determines this" The answer is "kind of". FHA determines whether to not to approve the application.
  • February 16 2014
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As a realtor, obtaining FHA Certification is one of the most daunting processes. A few months ago, I was introduced to [Promotion and website deleted by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • November 25 2013
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Profile picture for Jesse Storm
The association has to meet the guidelines. The Condo Association must also fill out an application and provide a touch of paper work with a fee. That fee must be paid every few years to keep the association listed. Updated paper work must be provided with each renewal. Biggest issue Associations run into is to many units are rented. Association that want to be able to have the condo's listed to be sold fha will put a freeze on rental units till they be below the % required then apply for fha approval and maintain the association in compliance from that point on.  
  • November 23 2013
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Profile picture for Andrew Malak
You can check it on hud web site. Yes, it has to be approved by board and needs to be initiated and applied by board. However, there are few things which cannot be in docs and by-laws. One of them is no right of 1st refusal.
  • November 23 2013
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Lenders can guide you as to what needs to be done.
  • November 23 2013
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Profile picture for bobmiller15
You can check the HUD.gov website for the condo association look up to see if it's FHA approved.
  • November 23 2013
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Profile picture for Matt Laricy
You can have your lender look into this. You guys can also work with a lender to get the building FHA approved.
  • November 23 2013
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Your HOA needs to be 'approved' by FHA and there is a process. If no one on the board is aware of this then I am pretty sure you are not approved. However it is not that difficult to do. I can give you the # of a lender that can complete the process for you if interested. He can also check the records to see if the HOA ever was approved in the past.
  • November 23 2013
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