Home Buying in 92116>Question Details

Karch, Home Buyer in 92116

i am trying to buy a FHA approved condo but my realtor is not having any luck in 92116 and 92103 and 92104

Asked by Karch, 92116 Thu May 14, 2009

any tips or ideas how to narrow the search , listing agents are not noting on the mls if the units are hoa approved

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Hey Karch, I just ran into a similar issue on a purchase that closed late last month. There are actually a few "percentage hurdles" to be traversed:

1) At least 51% is Owner-Occupied
2) No single entity owns more that 10% of the total units.
3) For projects consisting of 30 units or less, no more than 20 percent are FHA insured mortgages.
4) For projects consisting of over 30 units, no more than 10 percent are FHA insured mortgages.

Here's the good news:
While a Realtor can painstakingly scrub title/tax records for #1&2 above, your Title/Escrow provider should have reporting software that can handle all of the above. It may be a report where they have to manually count the records that are returned, but this is very doable.Once you confirm these numbers, you will not have any doubts whether this purchase is possible.

There are 13 questions in a FHA Spot Approval, which you may want to your Realtor to review to get in front of any surprises. For reference see: http://docs.Steven-Anthony.com/FHASpotApproval.pdf

Good luck, stay positive, it will happen!

Best, Steve
1 vote Thank Flag Link Fri May 15, 2009
Happy, below is correct. I do, however, have a resource for you. Follow the link below and you can search for condos in that area that are FHA approved. If the condo is not on the list, and IF they meet the qualifications, then they can be added to the list - the list is just the ones that are already approved. I hope it is helpful.

Also, if you're dealing in REOs/short sales, you should read my blog post - it's across the country: http://therealestatewhisperer.blogspot.com/2008/12/types-of-…
1 vote Thank Flag Link Thu May 14, 2009
Hello Karch,
I'm a broker/and mortgage consultant in San Diego. Many agents are simply too lazy to contact their favorite lender to check FHA approved condo projects at time they list the condo. I am responding from home, but have a list in my office I'll be happy to send you on Tuesday if you like.

If you still need the information, email me a request and I'll get it to you on Tuesday.

Beatrice Flannagan, Broker
Real Estate and Mortgage Consultant
(since 1978 in San Diego County)
3940 Hancock ST. #114
San Diego, CA 92110
Tel. 619-224-9898
E: bflannagan@bigplanet.com
0 votes Thank Flag Link Sun May 24, 2009
https://entp.hud.gov/idapp/html/condlook.cfm

Use this link above right off the HUD/FHA site to see if a condo is FHA approved. If you are not sure and have any questions, email me. I'm a experienced FHA loan originator and I am dealing with getting borrowers homes on condos a lot.

Sometimes even if the condo is FHA approved lenders will still want a HOA certification. Condo's are tricky to finance these days.
0 votes Thank Flag Link Thu May 14, 2009
Just hang in there. Your realtor needs to find condos that have a 51% or greater owner occupancy & then it will work!
It's SO frustrating, but it will work if you wait it out. The market is crazy. It is NOT a buyer's market! It's the banks market. I'm an agent, talking from experience. Good luck!
0 votes Thank Flag Link Thu May 14, 2009
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