Non FHA Approved Condo Owned Units

[NJ Valuator]

Before I start getting hammered by everyone, http://portal.HUD.gov is not opening up for me so I cannot check handbook.

What is the protocol for non approved units?

Is the client required to provide the appraiser with the FHA project approval ID? It is not on HUD.gov website.

 

[Rob Frazier]

HUD.gov search Condominium and the List of approved condos should pop up. not a great design or data set up. suggest searching for geographic area, then read through the list in case there is a difference in how it was listed vs. the legal description you find in assessor or title records. If the project is not on the list, stop and call the lender. If it is listed, put in your report what you found.

 

[NJ Valuator]

Thanks for the reply. I am aware of HUD.gov as I had stated previously. My issue is that this project is not on approved list and was not sure what the next step was?

 

[glenn walker]

Normally the lenders underwriter checks to see if the project is approved before getting the case-number so I would check with the lender and see what they say before you say it's not. The list appraisers look at is often wrong. Lenders also have the ability to get exceptions on many of the projects because FHA relaxed the qualifications a lot over the last 12 months.