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Financing in Ravenswood : Real Estate Advice

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Eric Rojas,  in Chicago, IL
Sun Jun 28, 2009
Eric Rojas answered:
Hi Jeanne,
Your building may be eligible for spot approval and (for your immediate purposes), you may not need to wait for the entire building to be FHA approved. However, you may elect to start that process as an association.

If you are not sure if the building is FHA eligible, I would contact a good mortgage banker. Rubloff works with Wells Fargo quite a bit and I work with one of their mortgage bankers on FHA loans named Brian Cumpton. His contact info is at www.ChicagoLender.com (don't have his number in front of me at the moment).

He is an expert in both helping your immediate situation and can lead you in the right direction on getting the whole building approved. Several changes have just taken place in mortgage financing that will make many more building FHA approved... things are changing daily!
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