FHA Condo Spot Loan Approval in Illinois and Wisconsin: Chicago, Milwaukee, Madison
Posted by madisonmortgage on July 15th, 2009
Update Effective 02/01/2010 Spot Loan Approval process eliminated with case numbers assigned February 1, 2010 or after
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 local Wisconsin, Illinois, Minnesota and Florida Mortgage Bankers:
Dennis Hardy : Brian Collins : Kelly Rydzik : Joy Lynch
Toll Free: (877) 240-5810
questions@madisonmortgageguys.com
www.MadisonMortgageguys.com
Visit our main 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.
Wisconsin communities Appleton | Waukesha | Oshkosh | Lake Geneva | De Pere | Waunakee | Fremont | Stoughton | New London | Sun Prairie | Neenah | West Bend | Waupaca | Wisconsin Dells | Green Lake | Portage | Fond Du Lac | Racine | Chilton | Madison | Monroe | Kenosha | Watertown | Milwaukee | Wausau | Menomonee Falls | Janesville | Eau Claire
Illinois communities Chicago | Aurora | Waukegan | Rockford | Naperville | Joliet | Cicero | Peoria | Elgin | Schaumburg | Arlington Heights | Northbrook | Mount Prospect | Glenview | Normal | Buffalo Grove | Evanston | Wheaton
