OOPS big mess coming FHA time line and probability of condo approval

[grammysue]

Purchasing condo in northern Ohio, realtor/loan officer/appraiser/underwriter all did their thing and everything sent to FHA for final approval....OOPS...condo not on FHA approved list...realtor/loan officer did all paperwork required to obtain approval and sent back to FHA...final approval won't be known for 30-45 days and could still come back not approved.  What to do now?  Purchase contract has expired but we did sign 7 day extension (won't be long enough)...seller has moved out...do we wait it out or do we shop somewhere else already approved or go USDA?  Anxious to get really low rates available now.

[Anonymous]

How to find FHA approved condos (page only works during business hours):

https://entp.hud.gov/idapp/html/condlook.cfm

[Anonymous]

I hate to tell you but that happened to me about 1 year and a half ago and after many attempts and delays we lost the condo.  To this day it still isn't FHA approved.  It seems the only way to get a loan for a condo nowadays is either to pick one that is in an FHA approved building or make an offer on a HomePath property that is approved for HomePath financing.  Just make sure the lender will lend on condos, many don't.  I know Wells Fargo does though.  Good luck!

[Anonymous]

Unfortunately I had the same problem. Lost a condo because it wasn't on the FHA list and couldn't get the approvals to get it there. Not saying it's impossible, but chances of getting the condo development, bank, and FHA on the same page are slim. Are there any other financing options available for you?

[grammysue]

so we're not the only ones doesn't make me feel any better....we don't have enough cash for conventional loan and the condo is not in USDA area.  We loved it but I think we're going to lose it.......thanks

[Anonymous]

You are welcome.  I am sorry, I know how hard it is to lose a property when your heart was set on it.  But maybe it means that something better is coming your way. = )