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.
This provides a list of FHA approved condos in different areas. Good luck!
Please keep in mind that not only does the complex have to be on the FHA approval list, but the owner occupancy rate in the complex will have to be a certain % (ask your lender about your specific guidelines). Also, with the large amount of properties in foreclosure nationwide (Chicago is top 10 nationwide for cities), many HOA's (homeowner associations) are in trouble. If this has an HOA, check the status to make sure they are not bankrupt and can only take cash for terms. This could be another challenge in finding a condo... Good luck with your search.
Bank Owned and Short Sale Specialist
Weichert Realtors Elite
You can also contact me by phone at (847)293-2962 or e-mail at email@example.com.
Condo Approval Professionals LLC
I also believe their site is going to cover nation wide soonâ€¦if it hasnâ€™t already.
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.
I would be happy to assist you if need further assistance.
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!