Financing in 33139>Question Details

Debra, Real Estate Pro in 33139

how do you get a florida condo fha approved?

Asked by Debra, 33139 Thu Jun 4, 2009

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2) Q. How can I get a Condominium approved?
A. The guidelines for submission of Condos are set forth in HUD Handbook 4150.1 Rev-1, Chapter 11. Generally, the necessary documentation is submitted to HUD by a mortgage lender. Since most mortgage lenders are familiar with the information necessary for HUD to process the request, we strongly recommend that individuals, such as buyers and builders, use the services of a lender to make the submission. Copies of the handbook can be obtained from our Internet page at http://www.hudclips.org or may be ordered by calling (800) 767-7468.
1 vote Thank Flag Link Thu Jun 4, 2009
My consulting company can help you with your condo approval needs. I have over 15 years of national project approval experience. Much of it in Florida. A common mistake is that you need to have 51% sold before you can get FHA approval. That is false! the 51% requirement, soon to be 50%, is a requirement of insuring not project approval. You can get the project approved with no sales, you just couldn't close them using FHA financing. The upside is that you can market your condo as FHA approved and begin to sell home under the terms of the FHA. I can help you with this process. I would love to talk to you further.

Steve Stenger
President
Condo Approval Professionals (CAPs)
sstenger@foxvalley.net
(847)293-2962
0 votes Thank Flag Link Wed Sep 9, 2009
Debra,
Lindsey Bishop is correct in stating HUD guidelines below. What prevents this from happening in most cases is the appraisals come back too low. So the builder/developer has no choice than to rent out the condos, until such time he can at least break even. At that point- firms such as mine, AmericaHomeKey Inc. can convince the builder/developer into letting these renters out of their leases to purchase and credit back rent for up to 2 years if they qualify for loans with us. Once we have at least 51% occupancy between old renters and new buyers- and all physical FHA building requirements are met, we submit the paperwork and get FHA approval. It can be a very lenghthy process.

Hope that answered your questions,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
0 votes Thank Flag Link Thu Jun 11, 2009
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