topic FHA "Spot" Approvals for Condos in Mortgage Loans

FHA "Spot" Approvals for Condos

Anonymous — Fri, 10 Jun 2011 15:31:18 GMT

Can anyone advise if it is still possible to have a condo "Spot Approved" for a FHA loan?

Re: FHA "Spot" Approvals for Condos

ShanetheMortgageMan — Sun, 12 Jun 2011 09:59:26 GMT

It's no longer possible, condos have to be approved through the DELRAP or HRAP method.

Spot approval process eliminated February 1st 2010: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46aml.pdf

New method details: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf

As lenders have grown accustomed to new approval processes, we've seen more and more lenders willing to process DELRAP or assist with the HRAP methods.

Re: FHA "Spot" Approvals for Condos

Anonymous — Sun, 12 Jun 2011 14:24:54 GMT

Thanks Shane. Could you PM me the names of specific lenders that you know to be helpful in this area?