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Is this the end of FHA financing for condos?

Sensational title, I know.   However, HUD is forcing condominium associations to make some tough decisions.  Part of their recent updates to FHA includes a rider that says an association can’t require a background check for renters.

Of all of the odd requirements that FHA demands, this one has gone too far.  The Pointe of Saint […]

Add Printers Row to the list of FHA Approved buildings!

Sure, the exterior just got a fresh coat of paint, but the improvements at Printers Row are more than skin deep.  Behind the scenes, the building sought and received FHA approval from the Department of Housing and Urban Development.

What’s this mean to you?  As a buyer, you can now buy in this building using FHA […]

River Park Lofts in Lowertown is now a FHA Approved Condo!

You heard it here first!  River Park Lofts is now a FHA Approved building!  This brings Downtown St Paul’s HUD approved buildings to 8.  This by far is the best news I’ve heard all year (I had to use that line at least once).  On a serious note, this is exactly what the doctor ordered. […]

HUD to delay FHA condo renewals due yesterday

Hot off the wire from my good friend Doreen Drake at PHH Home Loans, comes some interesting news from HUD.

“HUD confirmed today, that in response to being inundated with project (condo buildings) re-approval requests, they’ve decided to push out the expiration dates for many existing condo projects scheduled to expire Dec 7th (as in yesterday). […]

FHA Approval status in limbo for a few buildings

With the new rules regarding FHA financing of condominiums, comes the first wave of re-ups. In the past, once a building was approved for FHA financing, it was set for life – Not any longer.   HUD figured out that over 20+ years, sometimes financials change in a building.  Now buildings are required to […]

FHA Rejects Two Buildings Downtown

Shocking news in the world of FHA financing!  HUD (the Department of Housing and Urban Development) has rejected two buildings in downtown.  Great Norther Lofts and The Rossmor both sought FHA approval for their buildings, and both were shot down.

Great Northern Lofts is the most curious one as it’s a very financially sound building.  In […]

The Essex on the Park is now FHA Approved!

Blog - 2010 - 07-02 The Essex is FHA Approved!

Thanks for the tip Justin!  As more and more buildings become FHA approved, it’s even more important for the holdouts to get approved as well!  I know of two buildings downtown right now that are basically unfinanceable.  If these buildings would seek FHA approval, they’d know what they need to do in order to make […]

The Lowry Building is now FHA Approved!

Blog - 2010 - 05-24 - Lowry

This May was a good month for the folks at the Lowry.  The Lowry has joined the ranks of the few condo buildings that are fully FHA approved.  What’s this mean to you?  Depends.  If you are a buyer wanting that trendy loft, but are struggling to come up with 10% down, you could buy at […]

Lowry Close to a FHA approval

I knew this would happen – the mad dash to get buildings approved for FHA financing!

I bet the Lowry will have their approval before the April 30th buyer tax credit deadline, but it’s going to be close.

Something new about FHA approved buildings…  In the past, once you were an approved building, you were set for […]

Union Depot Lofts: FHA APPROVED!

Another building has been added to the exclusive club of FHA approved buildings, and this time it’s the Union Depot!  The condo project that I thought was down and out has risen like the phonix (with the help of Uncle Sam) and looks to be an interesting place in the near future.

And if that wasn’t […]