Home Selling in 08831>Question Details

Nizzore, Home Buyer in 08831

How do we "prove" to Bank of America that the condo we are selling is FHA approved since construction? Builder turns us away, association

Asked by Nizzore, 08831 Tue Nov 30, 2010

has no idea. Monroe Manor/Tall Oaks/Forest Glen whatever they want to call it in Monroe, NJ. Nobody seems to want to help, neither lender nor association.

Oh and please no "Hire a realtor" speeches, I've understood the consequences of FSBO.

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Answers

6
There is really no one who is in charge of this. You can go to the Condo association and the board and ask them to put in the paperwork for the approval (it would benefit all current owners). I've seen borrowers put in paperwork to have a recently unapproved condo approved again. I believe the cost is about $1500. If you want to speak with a consultant that gets FHA approvals for condos please let me know.
0 votes Thank Flag Link Tue Nov 30, 2010
Nizzore per the FHA website the application was withdrawn as of 10/08/2010 for TALL OAKS AT MONROE MANOR (see website below) . FHA changed their approval guidelines earlier this year, requiring all developements to requalify regularly.
Here is a pay site in whicjh you can put in your address to find out if you really are approved http://checkfhaapproval.com/?affiliate_id=27&offer_id=1.

Please know you can submit paperwork to gain FHA approval. There are some lending programs that don't require FHA approval as well, which I have access to.

I hope all works out for you Nizzore
0 votes Thank Flag Link Tue Nov 30, 2010
The status shown on the HUD website is "Withdrawn" with no further information. What does this mean and who on earth is in charge of this sort of thing from a development perspective?
0 votes Thank Flag Link Tue Nov 30, 2010
It does sound like it's not approved, but check on the FHA website: https://entp.hud.gov/idapp/html/condlook.cfm . You will need the tract number of your property, FYI. Good luck!
0 votes Thank Flag Link Tue Nov 30, 2010
Hi Nizzore,
First, go the the fha website and see if your condo / townhouse project is approved. Good Luck

http://www.myfha.us/guidelines/fhaapprovedcondos.html
0 votes Thank Flag Link Tue Nov 30, 2010
This is a good question, and the answer may just be....it's not FHA approved. FHA has guidelines concerning FHA approval, your HOA has to be able to fix or repair any items that need repairs, the HOA cannot have any rules that are discrimating according to FHA guidelines. There are many HOA's that are not FHA approved due to the HOA rules. You will need to review your HOA guidelines to see if this is the case. If you already have a buyer, have the lender review the docs to see if they are against FHA rules. And ask the HOA if they are willing to do repairs requested by the FHA loan. Good Luck!!
0 votes Thank Flag Link Tue Nov 30, 2010
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