We are launching the FHA Pros feature in honor of Member Appreciation Month! Be among the first agents to have the free new member benefit available to Citrus Valley Association members starting June 1.
The FHA Pros’ real time FHA condominium data for statewide approved condominiums provides an automated process that will remove an agent’s need to visit the Hud.gov website to determine if the listings they are loading or searching for is on the approved roster. See more details below.
Also during the month of June, we have other fabulous giveaways and activities for our CVAR members at all three CVAR offices.
Free Fridays are back (CLICK HERE for schedule) with free lunches; we also have free giveaways, special offers and complimentary refreshments at our offices in Glendora (504 E. Rte 66), South El Monte (1170 Durfee Ave., #A), and Rancho Cucamonga (8229 Rochester Ave., #120), as a big “thank you” to our members!
- What does FHA approval mean?
a: It means that a purchaser using an FHA loan can purchase in the association. This can be a forward or reverse mortgage. Additionally, it enables an owner to refinance into the same mortgage products.
- How long does approval last?
a: Currently, approval lasts for two years, although it is likely in the coming months that HUD is going to extend the approval to three years.
- Do many people use an FHA loan?
a: FHA buyers account for approximately 25% of the buyers, and 80% of all first time home buyers use an FHA mortgage.
- Do I still need the legal name of the association to find out if it is FHA approved?
a: No, the Rateplug/FHAPros technology handles everything as it relates to FHA condominiums. All you have to do when you have a listing is to load it into the Matrix system and everything is done for you. In addition, when you are looking for condominiums for your FHA buyers, you only need to filter for listings that are in FHA approved condominium associations, and only these properties will come up.
- What happened to Spot Approval?
a: Spot approval was eliminated by HUD on February 1, 2010, making FHA approval a requirement for condominiums seeking to allow FHA mortgages. HUD will be reintroducing this feature in 2017.
- How long does it take a condominium to get approval by HUD?
a: The approval usually takes 3-4 weeks once HUD receives the submission.
- What documents are needed to obtain the certification?
a: All of the current governing, legal, and financial documents, as well as the previous years financials. In addition, proper insurance coverages, management agreements, and litigation information.
- What if the condominium is not approved?
a: The FHAPROS can assist the buyer or selling with obtaining approval in a rapid manner.
- I know that the green light means FHA approved and ready to go. What does the yellow light indicate?
a: The yellow light indicates that while the association is approved by HUD, there might be a couple of conditions within the association that might make the association ineligible. Expiration date looming, owner occupancy too low, FHA concentration too high are examples of this.