Financing in North Miami>Question Details

ERICKA, Home Buyer in Miami, FL

I am looking for a realtor &/or broker in Miami, preferably in North Miami, who has VERIFIABLE EXPERIENCE in working Spot FHA condo approval

Asked by ERICKA, Miami, FL Mon Sep 14, 2009

deals.

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FHA just extended the big changes they are making in the condo approval process until Nov 1st. You might want to call the HOA mgmt company and ask them a few questions first to see if it's worth your time to pursue. FHA spot will require (among other things):
-51% owner occupancy
-no one owner can own more than 10% of the units
-adequate reserves
-90% of the units sold
-no legal action pending
-no pending special assessments

Even though they extended the deadline, not all lenders are still doing spots.
0 votes Thank Flag Link Mon Sep 14, 2009
I am Doing an FHA spot approval right now in Tampa. Better hurry up and get approved because FHA is discontinuing FHA spot approvals come OCT. 1st. As a matter of fact you might already be out of luck.
Sorry.

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
0 votes Thank Flag Link Mon Sep 14, 2009
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