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Greg Traub
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- 15 Blog posts
Specialties:
Seller and Buyer Representation. Expertise in foreclosures, short sales, investment analysis and relocation.
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Helping others Buy and Sell Residential Real Estate since 2003 I am 100% confident I can provide you with the best service and value there is.
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Greg Traub answered:
From my understanding of the change with the FHA guidelines for condo's, the main factor is that they will no longer issue "Spot" FHA approvals on a unit by unit basis. An entire condo must be approved by the FHA first. There are other minor changes having to do with percentages of o/o units an such but the spot approval issue was the main change in my opinion.
I think this will make financing a condo with FHA harder, not easier.....at least at first. In the long run I think it'll make things easier only in that after a while the projects that are approvable will be approved and posted on the FHA's website so all can see what buildings are able to be financed. Right now you pretty much have to go through the whole process and spend $$ just to find out if the condo will spot approve.
FHA and even conventional lenders don't like alot of these condo projects for a reason and financing a condo defnitely wasn't easy before the changes either. I"d ask the Loan officer that pre-approved you their thoughts? A lender would do better to answer this question, knowing all the details of the change and how it works with their particular institution.
I think this will make financing a condo with FHA harder, not easier.....at least at first. In the long run I think it'll make things easier only in that after a while the projects that are approvable will be approved and posted on the FHA's website so all can see what buildings are able to be financed. Right now you pretty much have to go through the whole process and spend $$ just to find out if the condo will spot approve.
FHA and even conventional lenders don't like alot of these condo projects for a reason and financing a condo defnitely wasn't easy before the changes either. I"d ask the Loan officer that pre-approved you their thoughts? A lender would do better to answer this question, knowing all the details of the change and how it works with their particular institution.
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