U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-23-2009, 09:09 PM
 
19 posts, read 36,013 times
Reputation: 15

Advertisements

I, a first time homebuyer, have made the semi-mistake of using a friend who only recently became a mortgage guy, though he's been in real estate for years. I got pre-approval on an amount, found a condo, and went through round of one of offer/counteroffer before discovering that the condo building needed to be FHA approved to let me do an FHA loan.

Apparently there's some "spot approval" process that one could use to get approvals for non-approved buildings based on certain criteria. But something about the spot approval process has changed recently - Internet info seems ambiguous if not contradictory.

I love this condo building and really want to buy there. I'm planning to move in six weeks and don't have time to go through a months-long spot approval process, if it still exists. Trying to figure out if I need to pay more, get gifted more from parents, etc., to qualify for a conventional loan - possibly at a .25% higher rate. I qualify for an FHA; condo does not. I don't yet qualify for the conventional that the condo seems to require. Help.
Reply With Quote Quick reply to this message

 
Old 11-24-2009, 03:28 PM
 
Location: Sacramento, CA
32 posts, read 162,147 times
Reputation: 78
As Fannie Mae underwriting guidelines change a there are no lenders are going to do are doing anymore "Condo Spot Approvals" the whole complex would need to be insured. It looks like you already have a back up and I would start to put them in place. Good Luck and I hope you get the condo.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top