FHA Condo Approval / Spot Approval Update

As we discussed in prior updates, FHA is changing the process for approving Condo projects, and will be eliminating the “Spot Approval” process.  They have delayed the implementation of the new process until Nov 2.  NOTE:  Many wholesale lenders have already stopped doing “spot approvals” in anticipation of this change - so understand that some brokers and other lenders may already be unable to do spot approvals.

We can STILL DO spot approvals, at least for now, for FHA case numbers issued prior to Nov 2.  Call me if you have any buyers who are trying to close on a condo for the First Time Homebuyer Tax Credit!