We received a Condo Purchase this week that had fallen out with another lender. That lender told the real estate agent that there was “no way the property could ever get FHA financing because the complex could never get an FHA Spot Approval”. This was news to us because we had just closed an FHA transaction in that same complex.
Our point is not to disparage the other lender (we happen to know he is a sharp guy); our point is to make it abundantly clear that different FHA lenders have different FHA guidelines. When it comes to FHA, it is very risky to rely on a single source. That is why we maintain wholesale relationships with so many FHA lenders.
For example, most of our FHA Lenders will not lend on Condos located in Mixed Use (commercial and residential) Projects, but we do have one lender that will. Likewise, almost all of our FHA lenders will not against “Live/Work Loft” complexes, but again, we have a single lender that will.
Do not give up on FHA if a single lender says FHA is not an option.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167