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bluebird
Flash in the pan


Joined: 09 Oct 2009
Posts: 33
Location: New England

FHA spot approvals
PostPosted: Fri Oct 09, 2009 1:28 pm Reply with quoteBack to top

Is anyone still taking FHA applications requiring spot approval on condos? I am under the impression they'd need to be approved and insured prior to 11/1/09 so time is too short to begin one now, but I am hearing rumors that competitors are still doing this. What am I missing?
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I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: FHA spot approvals
PostPosted: Fri Oct 09, 2009 4:07 pm Reply with quoteBack to top

I believe you have until November 2nd.

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My friends call me Sid. You can call me Mr. Vicious.
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bluebird
Flash in the pan


Joined: 09 Oct 2009
Posts: 33
Location: New England

Re: FHA spot approvals
PostPosted: Mon Oct 12, 2009 1:42 pm Reply with quoteBack to top

Given that it is 10/12 now, with the current underwriting climate, I would not assume there is time to get an appraisal, approval and FHA insurance in under 3 weeks. Just call me 'chicken". Anyone doing FHA spots out there?
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tryingtolend
Dud?


Joined: 23 Sep 2008
Posts: 9

Re: FHA spot approvals
PostPosted: Wed Oct 14, 2009 6:54 am Reply with quoteBack to top

I could be wrong but from what I understand an FHA case number just needs to be assigned by Nov. 2nd and then you can still qualify for spot approval. I don't believe FHA will accept spot approvals after 11/2/09 so all lenders are almost out of time.
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deund123
Dud?


Joined: 05 Sep 2009
Posts: 3
Location: chicago

Re: FHA spot approvals
PostPosted: Sat Oct 17, 2009 2:28 am Reply with quoteBack to top

The case number has to be ordered prior to 11-2. I would like to know when HUD is going to come out with the procedures on where to send the condo docs for approval etc. Frustrating..........
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