FHA Condo Approval Specialist: 6-Unit Condominium Approved with FHA in 9 Days

6-Unit Condominium Approved with FHA in 9 Days

fha condo approval6-Unit Condominium Approved with FHA in 9 Days

In February, we were contacted by a unit owner in a 6-unit condominium in Chicago.  His condominium’s FHA approval was due to expire in June.  He had read my article about FHA concentration and had some questions.  After speaking to me, he said that he wanted to hire us to handle the recertification.

Fast forward a couple of months and he retained us.  We sent him the questionnaire and requested the necessary documents.  We didn’t hear back from him for several weeks.

On May 26 when we sent a routine follow-up, he called me in a panic.  Apparently, once he signed the retainer agreement and sent us the check, he thought that it was just done.  The approval was due to expire on 6/10/15 and he has one, possibly two, pending sales to FHA buyers that could be in jeopardy if it doesn’t get approved quickly.

We re-sent the questionnaire and checklist to him, but we broke down exactly what we needed and told him to ignore items that we don’t need.  We went online and downloaded all of the legal documents that we needed for submission (it cost us $6.50, by the way).  The package was complete May 29th and overnighted to HUD in Atlanta.

On June 4, I received a call from the unit owner asking if he was seeing things.  He said that the condominium was updated as approved in FHA’s system and wanted me to verify the information.  He was correct.  The Atlanta Homeownership Center (HOC) had received the file on Monday June 1st, logged it in their system on Tuesday and approved it on June 4th.  The unit owner could not have been happier.

This is certainly not a typical timeframe but for this unit owner, it couldn’t have been timelier, pun intended.

Current processing times for the FHA Homeownership Centers are:

Philadelphia: 3 weeks

Atlanta: 2 weeks

Santa Ana: 3 weeks

Denver: 2 ½ weeks

 

Top Photo Credit: (c) Can Stock Photo / fotomine

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 6 commentsReadySetLoan Condo Approval Team • June 11 2015 06:27AM

Comments

Eric Boucher  Congrats on a job well done

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 3 years ago

Good morning, Eric --- WOW!  That is beyond impressive.    Nice job!

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 3 years ago

Wow, that is great!  I am sure everyone involved is just super happy with that!@

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) about 3 years ago

Eric 9 days for an approval is amazing, you worked some special magic on this one.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 3 years ago

It sure helps to know your business.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 3 years ago

Thank you Hannah Williams .  It's nice when things like this happen, which isn't very frequently.

Thank you Michael Jacobs .  I sent this article as an email blast and the person in the article received it.  He replied "that's exactly what happened!"

Yes, Kristin Johnston, Waukesha Realtor 414-254-6647 - so happy that we wrote this rare self-promotional article!

Hi George Souto - we were fortunate to be working with someone who got us the paperwork quickly, that all legal documents are online for Chicago and that we hit the Atlanta HOC during a rare slow period.  Everything worked out perfectly.

Thank you Lenn Harley !  It also helps to get lucky sometimes :)

Posted by ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists (ReadySetLoan Condo Team LLC) about 3 years ago

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