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Redfin Real Estate Forums :
Bay Area :
FHA for Condos
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FHA for Condos
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apkbek
Contributor
Posts: 11
Registered: 04-23-2009
Message 1 of 3
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Now that the new FHA rules are in effect (no spot check)... http://activerain.com/blogsview/1283337/new-fha-condominium-lending-guidelines-will-be-effective-november-2-2009- ...I am curious as to the process/cost for a condo project to apply to be on the approved list for FHA loans. Assuming, the condo complex meets the necessary criteria (HOA in good standing, occupancy levels, etc) what is the likelihood that a non-developer owned project which has not been approved previously, apply for and get approval? I assume that the HOA board would have to decide on this? I ask b/c there are several condos complexes in SF that probably meet this criteria. 88 King, Radiance, 235 Berry, 255 Berry, Metropolitan, 733 Front, 240 Lombard Anyone know if this topic has even been brought up at such HOA meetings? Thanks in advance. A
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11-07-2009 02:28 PM
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Re: FHA for Condos
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hellokitty
Contributor
Posts: 32
Registered: 06-23-2009
Message 2 of 3
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Im not sure what the answer is but any new places not currently listed must be on the market for 90 days before they will be considered.
Buyers market? HA! More like investors market.
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11-10-2009 12:05 AM
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Re: FHA for Condos
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apkbek
Contributor
Posts: 11
Registered: 04-23-2009
Message 3 of 3
Viewed 107 times
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Thanks, I have given up on getting an FHA for a condo loan now. The places that don't accept them don't appear to be moving/selling and those that do seem to be overpriced compared to similiar non-FHA buildings. I'd rather wait than own something at an inflated price point.
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11-10-2009 07:35 AM
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