My husband and I are under contract for a townhome in the Winter Park, Fl area. We have been qualified for

Asked by Blt72, Florida Sat Mar 29, 2008

an FHA loan, but we are now waiting for the property to receive it's FHA approval. How long does this process normally take?

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4
Larry Story, Agent, Greensboro, NC
Sat Mar 29, 2008
Well it depends on the homeowner/builder. Is this new construction or a resale? If it is new construction then the builders have to have certain hurdles to overcome to get FHA approval. Of which there are inspections to be done periodically during building and certain occupancy requirements to meet. If it is a resale then there are other requirements. FHA loans while the limits have been increased in many areas the restrictions have tightened up. So be patient and just communicate with you agent and lender.

Larry Story
Coldwell Banker Triad
2 votes
J.D. "Dan" &…, Agent, Orange Park, FL
Sat Mar 29, 2008
The underwriting on an FHA loan takes (roughly 2 weeks). When we write a contract using FHA that's what they ask us for. So we schedule the closing with that in mind. I sold a townhome on Monday and the closing will be April 10th so I hope that gives you a frame of reference to the question you asked.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference:  http://www.neflahomes.com
0 votes
Paula Bean, , Orlando, FL
Sat Mar 29, 2008
I disagree with some of the answers here (but what else is new, lol!)
Have you compared the costs of renting vs buying and doing a 1031 exhange?
At least you'll get tax benefits and the monthly outgo will be less.

Regarding the answer about checking out Valencia's program, uh, NO. They are not accredited as a 4 yr college and some credits are not transferable to other campuses. Depending on what the curriculum is, something you may want to check out is Full Sail has just become accredited as a University (which means all credits are transferable) PLUS they have some awesome programs with great assistance in job placement.

Yeah, they may cost a little more, but some things in life are worth it. You can skimp on some things, but toilet paper and education are not one of them ;-) compare the costs of renting, no tax breaks, no 10-31 exchange help against just throwing your money away in dorm fees or rent.

THEN you will come to an informed decision.

Hope this helps!
0 votes
Paula Bean, , Orlando, FL
Sat Mar 29, 2008
Actually there is a list of FHA approved propertie in Orange or Seminole Counties and also for different price ranges. An FHA approved Lender should already have access to this information.

If you are not on the approved list, it is easy to GET ON IT, so that may be what the problem is, but without having more information, I can't say.

The best thing to do is make sure you are dealing with a lender who is approved in the state of FL, and in Orange and Seminole Counties - since the price range is different for each, and if they are, in fact an approved Lender in that area, they should KNOW this information.

Are you perhaps dealing with a Lender or agent who is not familiar with Orange and Seminole County? Part of Winter Pk is in Orange, part in Seminole. Also, you should be dealing with an agent who knows this process and can refer you to a Lender who is also knowledgeable about FHA.

Hope this helps!
0 votes
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