In 2010 the FHA eliminated the “spot approval” program. Due to this change, an entire complex must now obtain FHA condo approval. If your community is not FHA approved, prospective buyers or current residents cannot purchase a unit or refinance using an FHA loan product. With almost 50% of new loans being backed by the FHA, it is imperative that your community be approved.
Can you tell me what wholesale lenders can do are approved to do a spot approval on a San Diego County 92071 condo property . It shows that it expired on the FHA approved list in 2012. Is there a special approval they have to have? I am A broker and need to place this loan. Thank you!!!! 619-379-3434 the address is 10022 Santana Ranch Lane Santee, Ca 92071 the HOA is Santana Ranch Estates