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Alderin, Home Owner in Chicago, IL

Who can I contact to get my condo building FHA approved?

Asked by Alderin, Chicago, IL Thu Dec 30, 2010

I am part of the association of my condo building and we are trying to get the building FHA approved. Who can I contact to get this started? I live in Chicago

Thank you

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BEST ANSWER
Hi Steve,
Unfortunately, your answer is inaccurate. Maybe the person you have dealt with here has not done it for free, however, all Bankers here are empowered with the tools to have condo's FHA approved. I am currently working on a project in Tinley and have not charged anything to the association. Yes, it would be great if we were referred business for our services. However, goodwill is always returned. I'd love to speak with you if you have further questions.
0 votes Thank Flag Link Thu Dec 30, 2010
Having your condo building approved is a must in this market. Typically the percentage now of FHA loans is about 40%. If your condo is not FHA approved, you are losing out on a big portion of the marketplace in search of a home! You will have to put together an application with HUD - HUD Review Approval Process (HRAP).

Here are two links to documentation of what is typically needed paperwork for this process which takes about 30 days once the information has been received by HUD:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…

There is also a very helpful link to Illinois' HUD that might help to further clarify any questions that you may have from the above to documents. This can be found at the following link:
http://portal.hud.gov/hudportal/HUD?src=/states/illinois

You can always contact someone directly at HUD FHA Resource Division to ask specific questions. I have found them to be extrememly helpful. Their telephone number is: Tollfree: (800) CALL-FHA or (800) 225-5342

Good Luck! Please feel free to contact me directly should you have any further questions. Always happy to help.
1 vote Thank Flag Link Thu Dec 30, 2010
Go to FHAforyou.com
It is a new startup business but has been very successful in submitting my project. We recently received approval and it will be good for 2 years! Price was reasonable and the HOA paid for it.
0 votes Thank Flag Link Wed Apr 17, 2013
You can call your lender to help you do this. I have some I can refer to you if you need help.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Thu Dec 30, 2010
Chicago Bancorp won't do it for free unless you promise them loans. Don't be fooled. The person who does it for them charges.
0 votes Thank Flag Link Thu Dec 30, 2010
Hi Alderin,
Chicago Bancorp is also an approved Direct Endorsement lender and we assist with getting condo building approved free of charge. If you'd like more information, please feel free to give me a call.
Cecelia Marlow - Mortgage Banker
Chicago Bancorp
312-738-6294
0 votes Thank Flag Link Thu Dec 30, 2010
I would be glad to help! My company, Condo Approval Professionals, specializes in this process.

I would love to discuss this with you.

Steve Stenger
President
Condo Approval Professionals LLC
(847)293-2962
E-mail: Steve@condo-approval.com
Website: http://www.condo-approval.com
0 votes Thank Flag Link Thu Dec 30, 2010
Best in the business: Talk to Steve go to:
http://www.condo-approval.com/
0 votes Thank Flag Link Thu Dec 30, 2010
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