Arizona Mortgage Blog by Kelly Zitlow

An Arizona Mortgage Specialist with over 15 years exp., Kelly produces this Arizona Mortgage Blog for realtors & home owners in Arizona who wish to be informed concerning the ever-changing Mortgage Market and FHA Loans, VA Loans, and Conventional Mortgages. Information about obtaining a Mortgage in Arizona can be found at www.kellyzitlow.com.

Archive for tag: Condo

Conventional Mortgages for Arizona Condos

We all know that buying a condo in Arizona recently can be a daunting task. Arizona mortgage lender guidelines are in place to protect the lenders and the borrowers as condos historically have seen more price volatility.

There are 2 review processes an Arizona mortgage lender can use to determine if a condo project will meet Fannie or Freddie guidelines to be deemed warrantable, qualifying for a conventional mortgage.

I went into more detail and hit the key points in my last market update, click here to read.

Did you know, we have our own in-house condo review department to assist in determining project eligibility? We can even do it upfront and saves us all time and hassles down the road!

Call me anytime with your Arizona condo mortgage questions.

~ Kelly

FHA Extends Condo Project Expiration Dates

FHA/HUD announced this week they are extending project approval expiration dates for thousands of condo projects which were set to expire Tuesday, December 7th.  As I mentioned in my weekly Arizona Mortgage update on November 11th, a large number of condo projects were going to expire.  In order to gain control of the overwhelming number of recertification packages being submitted, FHA generated new expiration dates, based on the initial project approval, to help control the process.  See chart below.

Initial Project Approval Dates New Expiration Date

1972 - 1980                  December 31, 2010

1981 - 1985                  December 31, 2010

1986 - 1990                  May 31, 2011

1991 - 1995                  July 31, 2011

1996 - 2000                  August 31, 2011

2001 - 2005                  September 30, 2011

2006 - 2008                  March 31, 2011

As a reminder, the best way to check project eligibility and expiration dates is to go to the following FHA website: https://entp.hud.gov/idapp/html/condlook.cfm

A search can be done by condo name, city, zip code, Arizona, etc. When searching, change the status (last dropdown box) to ALL. This will inform you if a condo project is approved, pending approval, withdrawn, rejected and will also give you the expiration date.  (Please note: many times when searching, less is more.  If searching for "Villa Antigua Scottsdale, Arizona", only input "Villa" in condo name).

Keep in mind, even though a condo shows on the HUD website as approved for a FHA Loan there are additional criteria that the lender must obtain in order to certify the condo meets FHA guidelines for a FHA Loan. I'm happy to assist you in determining project eligibility for your FHA Condo buyers.

Wishing you a festive Arizona weekend ~

 

Kelly

 

Quote of the week: Life's challenges are not supposed to paralyze you, they're supposed to help you discover who you are. ~ Bernice Johnson Reagon