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FHA-Approved condo

I'm considering putting in an offer for a condo that's on the FHA-approved list. There is a pending lawsuit and renovation that's going on in the building. The assessments for the renovations are already paid for by the current owners and is nearing completion. Here are some questions:1) Would I be able to obtain the FHA loan on the building without meeting these other "spot approval" conditions since the building is already on the approved list?2. I've heard that some lenders have already eliminated the spot approval process, instead of waiting until the October 1, 2009 deadline, and are requiring the HOA to have renewed its FHA-approval status within last year. Is this true? I'd appreciate any insight you can offer. by smartman1960 from Thousand Oaks, California. Sep 16th 2009 Reply


Joshua Crater (Rate1st.com)
#202 ranked lender in California - 47 contributions

This is a tough question, if you would like we can look into this for you further.Please contact Brock Hicks at 949-287-4058, he is an FHA Expert and would be happy to help you get this figured out.

Sep 16th 2009
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