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


Help the community by answering this question:


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.
0 votes Thank Flag Link Mon Sep 14, 2009
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