Property Q&A in 90804>Question Details

Jo Ann Hahn, Other/Just Looking in

Is this condo FHA approved?

Asked by Jo Ann Hahn, Mon Oct 13, 2008

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This question is about this property: http://www.trulia.com/property/1046443966-1485-Obispo-Ave-7-…

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4
Jo Ann, I am not finding a match between the tract # and the FHA list of approved associations. It looks like it might be a condo conversion building, and few if any of those are FHA approved buildings.
If I can help with another condo search, please contact me
Julia Huntsman, Broker Associate
562-896-2609
http://www.longbeachrealestate.blogspot.com
1 vote Thank Flag Link Mon Oct 13, 2008
Call 888-531-1119 they can search by address and tell you if a property is approved or not.
0 votes Thank Flag Link Thu Sep 17, 2009
More often then not Condos are approved for FHA finnacing and not found ont he FHA condo approval list located at https://entp.hud.gov/idapp/html/condlook.cfm. Make sure you contact the association to make sure the condo is not FHA approved. Hope that helps,


http://www.fhamortgageprograms.com/mortgage/home-buyer-loan.shtml
0 votes Thank Flag Link Mon Dec 8, 2008
Just thought I would let you know too that you can get some complexes FHA spot approved. I work with Jan Preslo at Countrywide Home Loans and she recently got one approved for me in Signal Hill in 4 days. So that allowed my buyers to purchase the REO we made an offer with 3% down. One of the main questions you need to find out first, is how many of the units are currently rentals and not owner occupied. FHA has a requirement that there be at least 51% owner occupants in the complex. Also, there will be a larger downpayment requirement for FHA in January. It will be 3.5%.

If I can answer any other questions, or you would like to speak to Jan Preslo, just email me at bstrealtor@aol.com and I will be glad to provide her information. She is an excellent lender and I have worked with her for over 20 years.

To reach me by phone for any other questions, feel free to call 714-296-7270 or visit my website at http://www.barbararobbinsolexa. com for more Buyer/Seller Q&As regarding the real estate process.

Barbara Robbins-Olexa
Broker, E-Pro(R), SRES(R)
L B Brokerage
0 votes Thank Flag Link Thu Nov 13, 2008
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