A Realtor today told us that HOA “Spot Approvals” are no longer allowed? This was a shock to us, as we have at least ten fully approved “Spot Approvals” in our pipeline right now. A “Spot Approval” is an FHA approval for a single unit in a condominium complex that is not a formally FHA approved complex. We still have lenders that allow Spot Approvals and will continue to do so into December at least.
FHA financing, in conjunction with a spot approval, is a great option for high-end condominiums that used to be way out of range for FHA financing. Now that FHA loan limits go to $729,750, there is often no better option for financing for buyers with good income but limited assets.
If you have a listing for a high-end condo, or if you have clients interesting in buying a high-end condo, please call us for an FHA Flyer. You will be surprised at how enticing FHA financing can be.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167