Posted by madisonmortgage on July 15th, 2009
There are a lot of condos in Illinois and Wisconsin which are not on the FHA approved condo list. With FHA loans being the most popular program of recent with low down payment requirements and flexible credit standards, it’s hard to purchase a condo while taking advantage of the FHA program.
With so many condos on the market, especially in Chicago and Milwaukee, there still are options to get a condo “spot loan approved” so that you can take advantage of FHA financing.
FHA condo spot loan approvals have certain criteria that must be followed and has been set by HUD. You can review the FHA spot loan approval checklist (PDF) and if the condo association answers true to everything, then we can submit the loan to FHA underwriting for approval.
Contact an FHA condo specialist today for additional information.
Your Illinois and Wisconsin mortgage banker:
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm
FHA Streamline refinance information: http://www.madisonmortgageguys.com/government_loans/fha_streamline_refinance/index.htm
Down payment assistantance (DPA) went away. Visit http://www.madisonmortgageguys.com/announcements/FHA_down_payment_assistance/updates/index.htm for details.
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This entry was posted on Wednesday, July 15th, 2009 at 6:01 pm and is filed under Chicago Mortgage Programs, FHA Loans, Illinois Mortgage Programs, Madison Mortgage Programs, Milwaukee Mortgage Programs, Wisconsin Programs.
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