I need documentation or proof that my Fox Chase Condo in Smithville NJ Atlantic Co. will not qualify for an FHA loan,High invester ownership?

Asked by Jopoker, 08205 Thu Feb 25, 2010

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Tim Robbins’ answer
Tim Robbins, Agent, Northfield, NJ
Thu Feb 25, 2010
I just ran your Condo it is not on the list of approved condo's this means that the entire complex will have to be approved. If you would like more information on how and who can do this for your association then contact me for more info. Tim Robbins Better Homes Realty 800-610-3599 Sorry for the Bad News But this should be a motivator for all owners they should work to get the entire project approved.
Web Reference:  http://buyersonestop.com
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Tim Robbins, Agent, Northfield, NJ
Thu Feb 25, 2010
As of just recently the FHA and HUD have changed the rules we use to be able to get a spot approval for a condo but that has been eliminated. If the condo is not already approved on the FHA List then the whole complex will have to be approved. This is a very long process and should be done by a professional who does these all of the time. To find out if the condo is on the approved list you can go to https://entp.hud.gov/idapp/html/condlook.cfm and see if you project is approved.

If you do not see it there then it will not be able to financed by FHA until the entire project goes through the approval process. For more information you can contact me by email at info@buyersonestop.com I have a company that specializes in getting project approved this is very important today since over 40% of all sales and financing today go through FHA

I Hope this answers your question

Tim Robbins Buyers Broker

Better Homes Realty
Web Reference:  http://njbuyersonestop.com
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Pamela Stear…, Agent, Absecon, NJ
Thu Feb 25, 2010
All lenders have a "list" of condo complexes that are "FHA Approved". I would imagine if you contacted a local lender they could verify for you if Fox Chase is on the "List" of approved complexes. It has been my impression that it is NOT. If it isn't, than you cannot get FHA financing now. I understand that they are no longer doing "spot" approvals. I just sold 2 units out there, but one was cash and the other was conventional. If I can be of any help, feel free to contact me. Pam Stearns, RE/Max Atlantic - pam@pamelastearns.com
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Matthew & Ri…, Agent, Northfield, NJ
Thu Feb 25, 2010
Hi Jopoker,

Here is the list of FHA approved condos in Galloway: https://entp.hud.gov/idapp/html/condo1.cfm

Fox Chase is not included in that list. They look at several factors including investor ownership.

If you have further questions call me at 609-484-9890 ext. 132.

Best wishes,

Web Reference:  http://havilandGroup.net
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