Financing in 01970>Question Details

Eric Loftus,  in 01945

I am looking for a mortgage broker/lender who has been through the "spot" FHA approval process.

Asked by Eric Loftus, 01945 Fri Oct 23, 2009

I live in a smaller older association which has neverbeen through the approval process but our unit seems to qualify. Any help?

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Eric,

You should read the following on the FHA approval process. A spot approval is not difficult as long as the association can fulfill the requirements:

http://portal.hud.gov/portal/page/portal/FHA_Home/lenders/mo…

Basically the process works like this (at least from my experience):
1) contact your lender and they can send you an FHA condo questionnaire
2) you or the lender sends the questionnaire to the association
3) association completes questionnaire, returns to you or lender
4) lender submits to underwriting along with other documents

You should plan for 4-5 days to get this completed depending on the size of the association staff. The last purchase I did had two people on staff there and it took 5 days. They should be familiar with the condo questionnaire, the FHA version is just a little more comprehensive.

Hope this helps.

Kind regards,

Jason Diperstein
E Mortgage Management
800-793-9633 ext. 156
jdiperstein@emmloans.com
1 vote Thank Flag Link Fri Oct 23, 2009
Eric,

Thanks for the approval, glad I could help. Be sure to read the link I sent carefully, especially the qualification criteria. You mentioned that you think your association qualifies but there are a few factors like the percentage of individual vs. company ownership that you may have no way of knowing. Good luck to you!

Kind regards,

Jason Diperstein
E Mortgage Management
800-793-9633 ext. 156
jdiperstein@emmloans.com
0 votes Thank Flag Link Mon Oct 26, 2009
call Kevin Kueneke with CW mortgage at 760-500-1919 ...... he just did this for me. Very easy to work with.
0 votes Thank Flag Link Fri Oct 23, 2009
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