Last week the Washington Examiner did a post called “FHA sends potential buyers through hoops to get financing for condos.” If you’ve read any of my recent blog posts on FHA Financing, you know i’m not a fan of their constant regulation changes, so it’s no surprise i’m quoted in this article:
Laura J. Rubinchuk, a Realtor with the LJR Group of Keller Williams Realty in McLean, said she advises buyers who plan on FHA financing to immediately check each condo project they have an interest in against an FHA-approved list.
The list, at https://entp.hud.gov/idapp/html/condlook.cfm, is searchable by city, ZIP code and project name, and provides the project status, the most recent information about owner occupancy and the concentration of FHA loans.
“Buyers often just assume that a project is FHA-approved, but once their offer is accepted they find that the approval is pending, expired or recently withdrawn,” Rubinchuk said. “This isn’t necessarily fatal, but it might take the lender a month or more to recertify the project.”
Read more at the Washington Examiner