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Answers (12)
- KatrinaDawson
- Contributions:1
is there a list of condos in washington that is not fha approved? if so how can i obtain that list?
"Seeing that Ray doesn't understand the question I am not sure he would be a great choice to get the condo FHA approved"
It is Sunday after-all, he does have other things that come first before reading comprehension... I say he gets a pass for today.
It is Sunday after-all, he does have other things that come first before reading comprehension... I say he gets a pass for today.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Seeing that Ray doesn't understand the question I am not sure he would be a great choice to get the condo FHA approved...You want someone that pays attention to the details.
Looks like Bob is correct it will have to get a full approval. Anyone know how long the Atlanta HOC is taking to approve condos?
Looks like Bob is correct it will have to get a full approval. Anyone know how long the Atlanta HOC is taking to approve condos?
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Ray, the question states they are looking for a program NOT requiring 25% down...
Palm, how much do you have for down payment?
- DiamondFundingCorp
- Contributions:454
Why are you asking FHA finanancing with 25% down?
Conventional condo financing in Florida is available with 25% down pending a clean condo questionairre:
a. pending lawsuits
b. % of renters
c. % of unit owners deliquent with dues
Your realtor can give you the name of the managment association and possibly learn this through casual conversation.
Best to quickly have your loan originator get the condo cert completed before spending appraisal money and spending work hours on the loan. It is the first step my team takes with Florida condos not on the approved list.
Conventional condo financing in Florida is available with 25% down pending a clean condo questionairre:
a. pending lawsuits
b. % of renters
c. % of unit owners deliquent with dues
Your realtor can give you the name of the managment association and possibly learn this through casual conversation.
Best to quickly have your loan originator get the condo cert completed before spending appraisal money and spending work hours on the loan. It is the first step my team takes with Florida condos not on the approved list.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Ray is in Florida, maybe he can help you. It looks like he'd just have to work with the Atlanta HOC to get it approved.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
I don't think Florida condos qualify for DELRAP. I believe HUD needs to approve them. See the attached letter:
FHA Mortgage Letter
- palm coast question
- Contributions:2
Would this Delrap authority lender take a long time to get done?
We were trying to close asap since we are between homes.
By the way, thank you all for your answers.
We were trying to close asap since we are between homes.
By the way, thank you all for your answers.
- Andy Matejka, "tejks"
- Contributions:352
Some lenders have 5% down conventional LPMI plans but I don't know about the Florida market. You may be best served by interviewing and finding a lender that is knowledgable in the area.
RE: the DELRAP option...do you know if the Owner/Occupant ratio is in line? FHA requires more than 50% owner occupants among other things.
The reason I ask is that I recently had an FHA loan denied on a HUD owned property nonetheless due to the O/O%. The HOA may be able to help you as well.
RE: the DELRAP option...do you know if the Owner/Occupant ratio is in line? FHA requires more than 50% owner occupants among other things.
The reason I ask is that I recently had an FHA loan denied on a HUD owned property nonetheless due to the O/O%. The HOA may be able to help you as well.
- DiamondFundingCorp
- Contributions:454
Here is a link Fannie approved condos: https://www.efanniemae.com/sf/refmaterials/approvedprojects/index.jsp?from=hp
FHA approved condos are found here: https://entp.hud.gov/idapp/html/condlook.cfm
Don't know the details, but generally, if you are putting 25% down, your best mortgage type is conventional. Some conventional lenders will do condos not on the list with a clean condo certification.
FHA approved condos are found here: https://entp.hud.gov/idapp/html/condlook.cfm
Don't know the details, but generally, if you are putting 25% down, your best mortgage type is conventional. Some conventional lenders will do condos not on the list with a clean condo certification.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Agree with Norm...why not just work with your lender to get the condo FHA approved. Find a lender that has DELRAP authority and they can do the approval without having to go to HUD.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
just work with your lender to get it on the approved list.
I'm purchasing a condo not FHA approved. Is there any loans not requiring 25% down like conventional
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