It looks like most of the FHA approved condos in Orland Park have expired. Does that mean they no longer are FHA approved?

Asked by epauley618, Orland Park, IL Sat Mar 2, 2013

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7
Tony Mitidie…, Agent, Orland Park, IL
Sun Mar 3, 2013
I've lived and worked around Orland Park for the past 25 years. Many of the condos that were approved for FHA are no longer approved. The ones that are sell relatively fast.

I would be happy to point you in the right direction. I'm familiar with many that are and I have a mortgage professional contact with an assistant dedicated solely to assisting with FHA condos.
(Also, Marco Hauman is literally correct, although realistically the DELRAP process has all but stopped in Orland Park for all practical intents and purposes).

I hope this was helpful.

Tony Mitidiero
708-259-3734
2 votes
I will definitely trust someone who knows what he/she is talking about; and Tony is demonstrating knowledge of the situation. I will definitely endorse his capability to help with the situation. I wanted to purchase a property in Orland Park, IL ... now I know who to call.
Flag Thu Mar 7, 2013
Debra (Debbi…, Agent, Livingston, NJ
Sat Mar 2, 2013
yes, that's what it means..........unless, of course they in the process of renewing them
2 votes
Matt Laricy, Agent, Chicago, IL
Sun Mar 3, 2013
That would mean that, yes. There isnt a ton of FHA approved buildings in orland park.
1 vote
Debra (Debbi…, Agent, Livingston, NJ
Sat Mar 2, 2013
Lowell - All the poster asked was whether a condo, which had been on the approved FHA list, and has since expired, can still qualify for an FHA loan now that the approval expired!

He didn't ask for a lesson in the entire buying process, and......while that information might be of interest to someone...... it didn't even address the actual question!
1 vote
Bob Brandt, Agent, Schaumburg, IL
Sun Mar 3, 2013
I recently dealt with a complex that said expired on the Hud.gov site, but the association said it was just approved. It would be wise to have your Realtor call and ask.
0 votes
Mary Kaley, Agent, Orland Park, IL
Sun Mar 3, 2013
Another option is to consider a town home that meets your needs and specifications. As long as the unit offers "fee simple" rather than "condo" ownership, you'll have no FHA/non-FHA issues. Good luck!
0 votes
MARCO HUAMAN, Mortgage Broker Or Lender, Coral Gables, FL
Sat Mar 2, 2013
No; completely innacurate. If you are dealing with a Direct Endorser (in behalf of HUD, & generally a BANK); they can proceed to review the previously FHA approved condo and re-certifiy it, through a DELRAP appproval process.

All you have to do is to ally with a professional mortgage lender or realtor that knew this, and this way you would not have been left aside.

Blessings,
0 votes
Good answer Marco! Although, in Orland Park it seems like every lender and their brother is trying to re-certify these associations and it's just not working. I'm including large lenders you've certainly heard of as well as small mortgage banking firms.
Flag Sun Mar 3, 2013
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