Home Buying in 60616>Question Details

First-Time H…, Home Buyer in Chicago, IL

Need help finding fha approved condos.

Asked by First-Time Home Buyer, Chicago, IL Fri Aug 21, 2009

Okay! I am fha approved. Looking for a 2bedroom condo in hyde park, or near uic. I need help finding approved properties.

Help the community by answering this question:

Answers

14
only database in US that provides instant FHA eligibility by address only. instantly. They update their info daily...more accurate than HUD! no excuse for a deal to fall apart ever again: http://www.checkfhaapproval.com
1 vote Thank Flag Link Thu Aug 5, 2010
If people are still looking around (I have put this in a few places) http://www.checkfhaapproval.com shows approval status as well as eligibility criteria so you know if you can actually close. My branch just started using this site and so far it's been a big help.
1 vote Thank Flag Link Tue Aug 3, 2010
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
1 vote Thank Flag Link Fri Aug 21, 2009
You can go to the HUD website which can be rather cumbersome or I ran accross a website that was actually pretty cool. Try http://bestchicagocondos.com/fha-approved-condos/index.html

This provides a list of FHA approved condos in different areas. Good luck!
Web Reference: http://www.adammclain.com
0 votes Thank Flag Link Tue Apr 27, 2010
Visit hud.gov. There is a resource section there that has the list of condos
0 votes Thank Flag Link Mon Feb 15, 2010
Hi,
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.

John Stacy
Bank Owned and Short Sale Specialist
Weichert Realtors Elite
619.892.2985
email: http://www.John@JohnStacySellsHomes.com
http://www.JohnStacySellsHomes.com
0 votes Thank Flag Link Mon Feb 15, 2010
HUD's link will help. Remember, spot approval for FHA condo's has essentially stopped so you probably want to go with a solid association already approved. You also need to move fast to get the tax credit before it ends in April (plus other FHA changes are in the works - like requiring 10% down). You are pre-approved so this will help. Stay away from Short sales - you won't have enough time! Get a good agent and have fun.
0 votes Thank Flag Link Mon Feb 15, 2010
I have always found it safe to call the lenders that I refer business to and have a solid track record. After they give me a list of approved condos, I show them to buyers. This is time efficient in that I not only only have a pre-approved buyer but a condo as well.
0 votes Thank Flag Link Sun Feb 14, 2010
I have a new site that makes it easier to find FHA approved condos: http://www.forfha.com
0 votes Thank Flag Link Sat Feb 6, 2010
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
0 votes Thank Flag Link Mon Sep 21, 2009
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.
0 votes Thank Flag Link Tue Sep 15, 2009
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
0 votes Thank Flag Link Tue Sep 1, 2009
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
0 votes Thank Flag Link Mon Aug 24, 2009
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!
0 votes Thank Flag Link Mon Aug 24, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer