juliewilson3…, Home Buyer in Arlington Heights, IL

I'm looking for a FHA approved property. Can I search for just those?

Asked by juliewilson3211, Arlington Heights, IL Wed Mar 27, 2013

Easier for me to be approved for FHA opposed to a conventional loan.

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Julie,
As of April 1st there will be new changes in FHA purchases that you should know about.

Many people don't realize this, but there are 5% down payment conventional loan programs available.
I have a mortgage broker on my team that specializes in these and I think you'll see that in the end it will save you lots of money.

I'm happy to point you in the right direction. It's confusing out there.
0 votes Thank Flag Link Wed Mar 27, 2013
Not on most Internet sites or even the Realtor MLS. The only way to check for an FHA approved condominium profect is at the list on HUD.GOV. In Cook County condos can be easily identified by the tax id # having 14 digits and not ending in 0000.
Fee simple properties like townhomes that you own the land under and detached homes are usually ok to go FHA unless there are unusual circumstances like it needs too much work and peeling old paint etc...
Your favorite Realtor can guide you down the FHA path to your new home..
0 votes Thank Flag Link Wed Mar 27, 2013
Hi,

If you are looking for single family home there is no such thing as FHA approved, get pre-approved with a lender for FHA loan then work with Realtor to find the property that will fit you needs. Condos are different and the whole development has to be FHA approved. Good Realtor will be able to help you search.

Please feel free to contact me if you have any questions or need help finding the right property.

Paul Fijalkowski
Coldwell Banker Residential Brokerage
847-532-2093
Paul.Fijalkowski@cbexchange.com
0 votes Thank Flag Link Wed Mar 27, 2013
Hi Julie,
I understand the FHA is easier for you to get approved.
Many of my clients decided to go that route also.
Give me a call or email me and I can help you find just what you are looking for.
Looking forward to helping you!
Thanks
Joy Jacoby
ReMax Suburban
JJacoby100@aol.com
847-338-5554
http://www.joyjacoby.com
0 votes Thank Flag Link Wed Mar 27, 2013
Single family homes are not certified as FHA approved so you will need to check each one to see if it meets teh criteria of FHA. The best way to do that is to use a good buyers agent who willo do that for you.
0 votes Thank Flag Link Wed Mar 27, 2013
As you can see, single family homes are on a case by case basis. Many agents do not flag FHA on the property as a financing option, so you would be limiting your pool of possibilities for no reason. FHA has certain restrictions on what they say is good to move into. If a home does not pass the FHA appraisal, then the seller will have to make the necessary adjustments before they will fund the loan. I currently have 2 clients that are under contract awaiting an FHA appraisal. The sellers are aware that there may be a few extra things to fix.

Condo associations are flagged with an FHA flag in many cases in the MLS. An agent can screen those potential developments out for you.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Wed Mar 27, 2013
Depends - single-family home or condominium? If the latter, see the suggestions in some of the other posts regarding checking whether or not a particular development is approved. If single-family home, get pre-approved for an FHA loan with your lender of choice, then work with your real estate agent to find a home that will qualify (this is a case-by-case issue, as the home must appraise for the purchase price by an FHA qualified appraiser). Your agent should be working fairly closely with your lender to make it happen.
0 votes Thank Flag Link Wed Mar 27, 2013
Hey Julia,

Your in my backyard there why don't you give me a call and we can arrange a meeting in my office and we can go ahead and present you all the properties that are FHA approved

Give me a call at 331.220.6323
Or email at malik.hussain@bairdwarner.com
0 votes Thank Flag Link Wed Mar 27, 2013
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