Home Buying in 85251>Question Details

Mlo151, Home Buyer in 85250

In Scottsdale, AZ, how difficult is it to get an on-spot FHA approval?

Asked by Mlo151, 85250 Mon Oct 5, 2009

I want to buy a condo that isn't on the pre-approval list. (Valle Vista, 85251) My realtor is steering me away from any place that isn't pre-approved now, but earlier this summer he told me that it wouldn't be difficult to apply for approval. I want to close before Nov 30 for the tax credit, but I'm not going to buy something I don't LOVE as much as other condos just because he doesn't want to go through the approval process. I'd rather miss and $8000 gift than buy the wrong condo for me.

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Answers

6
Many condos today are not FHA approved especially the ones that have been converted. There are too many renters and it's difficult for the HOA to monitor this and now for sure how many are occupied by the owner, especially in larger complexes. You are getting down the the wire on the tax credit and that is why he is probably steering you away from it. If you don't get the $8,000 credit there is free money out there if you buy a bank owned property. You can qualify for a "soft" second up to $15,000 is you stay in the home for at least 5 years. You don't have to pay on it and don't have to pay it back. talk to your agent about these programs called NSP. Your Way Home Arizona is one of them.
Good luck,
Lorrie Feld, ABR, GRI
Keller Williams Integrity First
480-570-1074
lfeld@azrealtygroup.com
1 vote Thank Flag Link Mon Oct 5, 2009
If the complex is not on the FHA approved list, then it will not be possible to purchase the condo with an FHA loan. Are you able to utilize conventional financing or speak with your lender about other options?
0 votes Thank Flag Link Wed Oct 15, 2014
Did you ever get the help you needed to find your condo?
0 votes Thank Flag Link Sat Oct 11, 2014
We can do this for you, I just would need to send the HOA a "condo cert" and find out a few important pieces of info to determine if we can lend and FHA loan on it. Its not called a spot approval anymore but as a direct FHA lender we have ability to make the determination now its not already approved

Feel free to contact me if you still want help with this
0 votes Thank Flag Link Thu Oct 8, 2009
FHA does not do spot aprovals or exceptions anymore, sorry...
0 votes Thank Flag Link Mon Oct 5, 2009
Not every bank will allow a spot approval- on a condo. If a bank does allow a spot approval, the Assc. will
need to complete a questionaire and it will be submitted to the bank along with your application and documents. I would suggest having your loan officer do the survey upfront, so you will not miss out on the
tax credit. I
0 votes Thank Flag Link Mon Oct 5, 2009
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