FHA Condo Approval Specialist: 3 Helpful FHA Search Tools

3 Helpful FHA Search Tools

3 Helpful FHA Search Tools

In working with condominium projects to help them get approved with FHA, I am constantly using the FHA search tools.  I hope that these will be of use to all of you.  You can click the pictures to lead you to the sites.

 

FHA Approved Condominium Listfha condo lookup tool

This is the one that I use most frequently, for obvious reasons.  It can be a little tempermental if you don't input the name of the condominium exactly as it appears in HUD's system.  For example, the legal name of Cromwell Hills Condominium Phase II is actually "Cromwell Development Condominium Association (#1) Corp."  If you look it up by either of these names, you won't find it.  For whatever reason, it's labeled as "Cromwell Condominium*".

I find that the best practice is to look up condominiums by city/state and scroll through them.

This will provide information as to whether or not the condominium project is approved, when it was approved, when its approval expires, the address of the project, its FHA Condo ID and any notes specific to the project such as if there are Affordable Housing Units.

 

FHA Condominium Package Logging Search Tool

fha condo package logging search

This search tool was added when FHA implemented their overhaul of the condominium approval guidelines and processing.  It has been modified in the past couple of months (I can't remember when) because it used to contain the name of the person who submitted the package.  [This is kind of a bummer for me because my name was everywhere!]

When FHA receives a condominium approval package, the mailroom randomly assigns it to a project reviewer.  Once the reviewer receives it, it is "logged" into the system and that date is noted here.  FHA says to allow up to 30 days from this date to process a file and will not accept communications about the status prior to 30 days or the review of the file, whichever comes first.

I use this site to track processing times and whether or not a submission was received.  If a package is received by FHA and not logged within 5 business days, FHA says to contact them.

The site is not always accurate as to the file's status.  For example, below is the current status for 84 Skyview Condominiums in Cromwell, CT.  It shows as being "Received" on 10/22/13 but it should read that it was Approved on 10/31/2013 (this was one of mine).

 

FHA Maximum Mortgage Loan Limitsfha maximum loan limits

This one sort of speaks for itself.  I don't use this one as much as I would if I were a real estate agent or a mortgage broker/lender.  But it does come in handy when I field phone calls.  It allows me to speak intelligently about the FHA loan limits in an area.

The searches are done by State, County, County Code or MSA.  There is no option to search by city or town.

Two weeks ago I received a call from a property manager in Dallas, TX, inquiring about an FHA approval for one of her projects.  I went through the standard question and answer session about owner-occupancy rate, financial status, insurance coverage, etc.  It came out that the values of the vast majority of the units were above $450,000 so I looked up the maximum loan amounts in the Dallas MSA.  It turns out that the maximum loan amount for a single-family in this area is $271,050.

I presented to her all of the information and drafted a proposal about which she could speak with the Board of Directors.  They may not move forward with the approval but at least they are armed with the proper information to make an informed decision.

I hope that these prove to be 3 Helpful FHA Search Tools for you!

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

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 Check out our article in Common Interest magazine on page 19!

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Comment balloon 28 commentsReadySetLoan Condo Approval Team • December 06 2013 06:50AM

Comments

Eric,

Suggested. Thank you for sharing the 3 FHA search tools. Never read such a detailed explanation how one can search and obtain info on a condo.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) over 4 years ago

WOW  Thank You for posting - What a great reference tool this is for agents, buyers and sellers alike!

Posted by Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate (Long & Foster Real Estate, Inc) over 4 years ago

Very useful tool for FHA buyers! Thanks for sharing!

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) over 4 years ago

Eric - I knew about the first two search tools for FHA that you listed, but was not aware of the third... great information and thanks for sharing.

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) over 4 years ago
Sometimes I want to go Though and just push forward.
Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 4 years ago

We are seeing more an more expirations of FHA approvals and condo associations are NOT renewing.  We have been informed by the property managers that they are recommending that associations NOT renew the FHA approval on the advice of counsel.  I am being told that the FHA buyers are the most likely to fall behind and to default on payment of condo dues.  What do you think?

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 4 years ago
Will be me in a few years. Thanks!:)
Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 4 years ago

Yeah I have gotten many a loan from my competition just from this very thing. Searching and when it doesnt come up first time digging a little deeper!

Kudos

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) over 4 years ago

These are useful links.   It is always good for us to know the status of the various condo project when it comes to financing.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 4 years ago

Hi Fernando.  Joan's comments are a little scary.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 4 years ago

These search sites are priceless and save so much time. Thank you for always keep us up to date on everything condo related.

Make it a great weekend!

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 4 years ago

Eric,

Thanks for the information. Bookmarked it for future reference.

Posted by Bill and MaryAnn Wagner, Jersey Shore and South Jersey Real Estate (Wagner Real Estate Group) over 4 years ago

Eric... I've used two of your suggestions regularly. But never knew about tracking packaging links. Thanks. Will bookmark for future reference.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) over 4 years ago

Thanks for sharing these links.  Bookmarking for future reference!

Posted by Terry McCarley, REALTOR, SRES, CDPE - Cape Coral, FL (REMAX Realty Team - Cape Coral FL) over 4 years ago

Thank you for sharing this- I don't sell many condos but I will bookmark this for the next time I do!!!

Posted by Shanna Hall, I love selling houses!!!St. Louis, MO 314-703-1311 (Real Estate Solutions) over 4 years ago

Eric, thanks for the post. Even we as Mortgage lenders sometimes forget the tools of the trade.

Posted by Ron Aguilar, Mortgage & Real Estate Advisor since 1995 (Continental Mortgage) over 4 years ago

Awesome post and it can save a lot of time and money.

Posted by Ric Mills, Integrity, Honesty, and Vast Real Estate Knowledge (Keller Williams Southern Az) over 4 years ago

Appreciate the information and links. Thanks for sharing.

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) over 4 years ago

Eric, thanks for sharing good info for FHA mortgages - most important one being 'approval' one!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 4 years ago

Eric, thank for sharing this information.

Posted by Diana Walton, Diana Walton (Champion Real Estate Group) over 4 years ago

Thank you all for your comments.  I am pleased that these will come in handy.

Joan - I run into this frequently as well.  I have not seen evidence that FHA borrowers are more likely to fall behind on their condo fees.  FHA condominium loans are among the best-performing loans for FHA.  The fact is that any type of borrower runs the risk of job loss and 90% of Americans only have enough money to on for 3 months.  At least in my state of Connecticut, I have seen data to prove that non-FHA approved condos take longer to sell and sell for lower prices than their counterparts in FHA-approved projects.

Posted by ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists (ReadySetLoan Condo Team LLC) over 4 years ago

Great post! very helpful!

Posted by Sharon Webb Raleigh-Durham NC Home Sales, Trusted Adviser & Client Advocate! (Coldwell Banker Advantage) over 4 years ago

Great tools.  Being able to find out if an association is approved for an agent is a great tool when we go to sell the home.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) over 4 years ago

Great tools!  Thanks for sharing.  

Posted by Jon Sigler, South Windsor Homes for Sale 860-306-8029 (Keller Williams - Greater Hartford) over 4 years ago

Thanks for the info.. Looking forward to learning more...

Posted by Robert Hicks (United Country River City Realty) over 4 years ago

Eric, great informative post. I use the FHA website to check condo approvals all the time but I never considered the other tools on there. Thanks!

Posted by Sean Williams, Your Louisville Realtor (AcklesWilliams of Semonin Realtors) over 4 years ago

I sure could have used that package search tool a few months ago. A subdivision kept promising FHA approval & the mgmt company was doing something hinky & it took a year.

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) over 4 years ago

Have you heard anything about a lower owner occupancy ratio?

Posted by MaryBeth Mills Muldowney, Massachusetts Broker Owner (TradeWinds Realty Group LLC) over 2 years ago

Participate