Mid-last year I wrote a post describing how FHA spot loan procedures can significantly expand your home search.
As of today, the rules have changed and obtaining a spot approval is no longer an option. From now on, condo projects/buildings as a whole need to meet FHA guidelines and need to be on the FHA approved list. This of course means that if not approved, the Homeowner Association will need to go through the approval process. Rest assured, the FHA promises to “streamline the approval process making it easier, cheaper, and faster” to obtain approval.
Associations should carefully weigh the pros and cons of becoming FHA approved.
