Financing in Bronx>Question Details

NATURAL.DIVA, Home Buyer in Bronx, NY

Looking for FHA approved condos. Bronx, New Rochelle, Mt. Vernon. I have been pre approved for a FHA loan had no idea that no co-ops. HELP

Asked by NATURAL.DIVA, Bronx, NY Tue Oct 1, 2013

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Ask your loan officer for a list of approved condos, also see link https://entp.hud.gov/idapp/html/condlook.cfm
1 vote Thank Flag Link Tue Oct 1, 2013
Good Morning Natural Diva. Congratulations on your pre-approval. There are FHA approved condos. Coops are not the same, as they depend on board approval and some require higher down payments.
Please feel free to contact me with any questions or if you are interested in some properties.
dana@exitrealtysearch.com
1 vote Thank Flag Link Tue Oct 1, 2013
Congratulations on taking your first step in the home buying process. There are some options that are available to you. If you are not working with an agent please consider doing so, you do not pay a fee unless otherwise agreed to. A local realtor can provide you with a list that best meets your criteria.

You can check this link for approved FHA developments.

https://entp.hud.gov/idapp/html/condlook.cfm

Please give me a call if you would like to discuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty / Cruz Network of Realtors
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
1 vote Thank Flag Link Tue Oct 1, 2013
On a co-op the only option you have is asking the listing realtor or management company who the co-op has all of their "recognition agreements' with. These are the agreements that some lenders make to lend in a certain co-op after doing all the due diligence in them. I find that there are usually 3-5 lenders that a co-op will have a recognition agreement with, and then you can call one or several of them. Hope that helps!

On FHA approved condos, any lender can help you, or you can use the link that Anna Brocco provided to check yourself.
0 votes Thank Flag Link Sun Mar 22, 2015
I have had approved 160,000 but can fine house
0 votes Thank Flag Link Sun Mar 22, 2015
Good morning Natural.Diva,

First, you can locate all FHA/HUD Approved Condominiums here: https://entp.hud.gov/idapp/html/condlook.cfm

Second, your mortgage professional should be providing this information to you; you shouldn't have to go searching for it. I recommend you find yourself a different mortgage professional to work with. In this lending environment, where it is so difficult to obtain financing, you want an experienced professional who will guide you through and answer ALL your questions, not leave you all alone with a preapproval letter in your hand.


Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Oct 2, 2013
All the information our fellow professionals have provided is absolutely correct!

You will need to know what condos are FHA before even viewing or making an offer. This will save time and headaches in the long run. Work with a Buyers agent to represent you and do all the research for you. They will work in your best interest and save you time and money!

Plus the banks will also have a list of the FHA approved condos.

Best of Luck!

Millie Valentin
Certified Buyers Agent(CBR)
Exit Realty Search
3928 E. Tremont Ave
Bronx, NY 10465
http://www.ExitRealtySearch.us

If you thought my answer was helpful please give me a "Thumbs Up" or " Best Answer"!
0 votes Thank Flag Link Tue Oct 1, 2013
Hey,

That is correct! FHA loans are not allowed on coops due to the fact coops required minimum of 10% down and FHA minimum is 3.5%. I have a fully renovated condo in ShoreHaven which is an FHA approved complex in the Bronx and we can discuss some other options for you in Lower Westchester based on your price range. I am working with 2 clients already in your same situation so I can save you a lot of time. Please call me when you can at 917-848-4655. I would love to help!
0 votes Thank Flag Link Tue Oct 1, 2013
Hi Diva,

There are a few condos that are FHA approved. There is one in particular that I know that I think you may really like. Please let me know what type of condo you are looking for and I can run a search and give you a better idea of your options, property-wise. Thanks for the question!

David Rodriguez
realdealre@gmail.com
718.451.6859
0 votes Thank Flag Link Tue Oct 1, 2013
Get a 2nd opinion on your pre-approval. I'm available anytime.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Oct 1, 2013
It's tough! Not too many FHA approved condos around. Even if you get pre-approved for a conventional loan with a 5% down payment it's going to be tough to find a condo that'll work with less than 20% downpayment because most condos in the NYC area are not budgeting for enough reserves to qualify.

Maybe you can think about buying a single or multi-family house?

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Oct 1, 2013
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