Debbie Direc…, Home Owner in Minnesota

who in a condo association apply for fha approval?

Asked by Debbie Director, Minnesota Thu Apr 21, 2011

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7
Debbie,

As an expert in Condo lending, I can help you get the association FHA approved. Also, more importantly, I am willing to speak to your association and explain the benefits of having it approved.

Alexander Romo
Senior Vice President - FHA Specialist
Chicagobancorp
312-738-8430
alexander@chicagobancorp.com
1 vote Thank Flag Link Mon Apr 25, 2011
Debbie,

Witrust Mortgage uses Steve Stenger from Condo Approval Professionals, there is a small fee which depends on the number of units in the building. The HOA should pick up the cost, it will benefit the entire building as you will have more buyers able to purchase a unit. It also would help for refinances in some instances

Christine DePaepe
Senior Mortgage Consultant
Wintrust Mortgage
1333 N. Kingsbury, Ste, 201, Chicago, IL 60642

Office: 312-462-7715 | Cell: 773-848-4144 | eFax: 312-873-3818
1 vote Thank Flag Link Thu Apr 21, 2011
Most lenders will not do it for free, provided they even know how to process approvals.
My company, Condo Approval Professionals LLC, specializes in this area. We work with many different associations in helping become FHA approved. We would be glad to help you. I can be reached at (847) 293-2962 or by e-mail at Steve@condo-approval.com.

Sincerely,

Steve Stenger
President
Condo Approval Professionals LLC
(847)293-2962
E-mail: Steve@condo-approval.com
1 vote Thank Flag Link Thu Apr 21, 2011
You should take charge and look up a large mortgage broker in your realtors list - they will help you collect everything and normally hire an attorney type. You make sure it gets done and you will be the hero of the association.. its not that hard and every day you wait you loose money because 40% of the buyers will not even look at your complex.
Web Reference: http://www.joeschiller.com
0 votes Thank Flag Link Fri Apr 22, 2011
The association has to decide to do it. There are some costs involved, but they are well worth it for anyone who could potentially sell - which is everyone who lives there. You can hire an attorney to do the work or a mortgage broker, but usually they will want something in return.

I have not heard of property managers doing this, but it is possible. You usually need an attorney letter though.
0 votes Thank Flag Link Thu Apr 21, 2011
Management company, association, or a lender could help. If you need help, I have a lender that does this.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference: http://americorpre.com
0 votes Thank Flag Link Thu Apr 21, 2011
The management firm or condo association can apply. It no longer costs anything. You just have to find a lender that does it. If you were in Chicago I could give you a reference. The owner occupancy must be 51% or higher among other criteria.
0 votes Thank Flag Link Thu Apr 21, 2011
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