When working with buyers who plan to purchase a condo in Chicago and obtain financing via an FHA loan, I often get the following request…
Can you send me the complete list of FHA approved condo buildings in Chicago.
Not a problem. The HUD website provides a great tool allowing buyers to search for FHA approved condo buildings. This is a great place to start but it is incomplete and can overly-restrict the home search. Many buildings are not officially “approved” but meet FHA criteria and qualify for something called a spot approval. A small sample of the requirements that must be satisfied include:
- The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.
- Control of the common areas of the project must have been turned over to the unit owners association for at least one year.
- At least 90 percent of the total units in the project have been sold and at least 51 percent of the total units in the project are owner-occupied.
The checklist is detailed and requires verification by the condo association so always a good idea to get your lender involved in the process early.
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good good study