Home Buying in 90036>Question Details

Nancy Regala…, Home Buyer in Los Angeles, CA

Some condos show the FHA status has expired. What needs to be done and how much to re-instate the status?

Asked by Nancy Regalado, Los Angeles, CA Fri Jun 29, 2012

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4
Hello Nancy,

Here are two ways to get FHA status renewed:

1. HOA needs to file a HRAP to have the FHA status renewed. It can take 6 to 8 weeks to get the status updated.

2. If your lender is authorized by HUD to process applications for condo FHA appravals they can file a DELRAP to get the status renewed. The DELRAP takes 1 to 2 weeks to get the FHA status renewed.

Best Of luck to you,

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jun 30, 2012
HI Nancy,

Yes, the Home Owners Association would have to apply for approval status. There are some guidelines for approval. 51% of building needs to be owner occupied, in other words, more owners and less rented units in building. I never heard of one expiring unless it does not meet the guild lines anymore...

Most loans now a days are FHA!

Hope that helps, If you have anymore questions just call
Madelaine Kolisnyk, Realtor
310.869.1712
DRE#01377862
http://www.MadelaineK.com you can search property here directly linked to our realtor MLS.
0 votes Thank Flag Link Sat Jun 30, 2012
The association has to apply for FHA approval status. It would be in their best interests to do so since about 70% of buyers right now are using FHA backed loans. If they do not know the procedure, it's possible that a lender would be willing to help them. My mortgage partner does it all the time out here in New Jersey.
0 votes Thank Flag Link Sat Jun 30, 2012
The HOA management needs to fill out the proper forms and submit them. There is no fee from FHA to do this but a lot of the condo associations already know that they will not pass. In my area 2 years ago in 4 MLS areas in the northern suburbs there were dozens of condos that were FHA approved now there are 8.
0 votes Thank Flag Link Sat Jun 30, 2012
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