My consulting company, Condo Approval Professionals LLC, can assist builders/developers, lenders, homeowner's associations, etc. get their condo projects approved through all of the various government agencies. The FHA "spot" approval program will no longer exist as of November 2, 2009. Existing condos (homeowners are in control) will need to be approved by FHA in order for units in the project to get an FHA mortgage. Visit our website, http://www.condo-approval.com, for more information.
You can also contact me by phone at (847)293-2962 or e-mail at sstenger@foxvalley.net.

Sincerely,

Steve Stenger
President
Condo Approval Professionals LLC

Another option you can try is http://www.checkfhaapproval.com these guys are great, as they have the only online data base that allows you to check by address. Not to mention that they monitor all "approved" complexes. A lot of people don't realize but approval once doesn’t necessarily last forever. Litigation, reserves, and a more than 10% owner can change the status regardless of what it has been in the past. Unfortunately I have found HUD’s site to be less than up to date most of the time.

I also believe their site is going to cover nation wide soon…if it hasn’t already.

Yes, use the link to the Hud websit below. But the site is less than perfect. You could type in the zip code that you are looking for and miss condos in that area because not all of the condos on the list have a zip code listed.

Although it will take more time, my suggestion is to just type in Chicago and then go through all of the results.

Right now you can either buy an FHA approved condo or possibly get a "spot" approval on a unit that is not currently approved. This will change Oct.1 when the spot approval process will end.

Michael

There are quite a few condo developments that are already FHA approved or pending approval in Hyde Park and surrounding areas. There are also several condos that can get a FHA spot approval. This is actually an easy task. The condo association just needs to answer a few questions. Based on the answers, we will be able to determine if FHA will approve the condo.

I would be happy to assist you if need further assistance.

Thanks

Cherrie Catama
Newman Realty
cherrie@newmanrealtyillinois.com
773.490.3437 Phone

Funny thing...

The out of area Broker in Oregon gave you the best answer!

You can easily locate FHA approved associations on HUD's site per the Dune's instructions.

You will find that their are some meaningful changes happening to FHA financing in condo buildings approved this fall. These changes will cap FHA loan availability in newly approved buildings, as well as introduce language that limits the percentage of rental units in the association. Check in with your lender so you can avoid any pitfalls associated with these changes. It is my understanding that FHA Spot Approvals will no longer be done.

There are quite a few FHA approved developments that I know of in South Shore, and a couple in Hyde Park. Many more are seeking FHA approval, it's just that the process is taking some time given the demand. Feel free to contact me with any questions.

Best of Luck!

You might like to give this a look.

The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. These properties are not for sale by the FHA. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields.

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