I just sold a condo in San Jose to a very sweet young couple. They wanted this particular community because it was close to Lake Almaden and they really like the location. They are FHA buyers and this community is not FHA approved. The deadline for spot approvals was Feb 1 and we barely made the deadline [...]
Entries from February 27th, 2010
Say Goodbye to Spot Approvals for FHA loans in Condo/Townhome Communities
February 9th, 2010 · 5,332 Comments · FHA approved, FHA loan, condo homeowner, condo/townhome, first time buyer, real estate
Why FHA decided to end spot approvals is a complete unknown to me and is definitely not good news for FHA buyers and condo/townhome communities that are not FHA approved. As of February 1, 2010, FHA no longer allows spot approvals in said communities. A spot approval is one in which FHA looks at an individual unit, the HOA documents, and [...]
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