FHA Approved Condo Project. What's My Responsibility Ii

[Peter LeQuire]

I hate it when I have to agree with you, but you are correct.

So do I - it means one of us is irrelevant, and I'm afraid I'll find out its me.

 

[Tom D]

didn't know this, thanks for the extra work to protect my mistake ridden FHA appraisal. googled FHA approved condo projects, and the FHA condo approved search page came up. seems easy enough. i think easy enough for lenders to do it first. can't say the small broker would do that. another page in the HUD manual now done correctly.

 

[gregb]

Might as well share with other FHA appraisers-

https://entp.HUD.gov/idapp/html/condlook.cfm

 

[JTip]

Must.

We have a handful of condos around here. I have taken the time to run them through the website, provided by gregb, just for fun. We have a nice little ski resort around here with some economical units and mid range units, not approved. Figures.

 

[samc6782]

I ended up putting the fact that it was not approved in a paragraph near my head-and-shoulders one. But I saw several FHA units in the complex, so who knows?

 

[glenn walker]

Having worked directly with FHA Funders and UWs , I know for a fact appraisers do not have the same access to projects that the lender has. First many projects may have been approved but have since been removed or vice versa many projects are added all the time to the approval list . The lender normally will not even get a FHA case number on a non-approved project But they can get exceptions. The appraiser does not make that decision and the FHA loan cannot be insured without either the project being approved or a written waiver or exception from HUD. In 25 years I have never witnessed any lender funding a non-approved project and for the appraiser to State the project is not approved is not correct. The lender makes that decision , the other problem is often we find a project with existing FHA loans on properties but at some point the project was removed due to the HOA being bankrupt, too many rentals in the project etc. That's why every FHA condo loan requires a condominium certification ordered by the lender from the HOA or management company and an approval number from HUD.

 

[JTip]

If you really want to find out, ask the broker fellas over on the BO. You may end up with a dozen different answers though...