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I am a Broker/Realtor® in Indiana.
You stated Gina, in your updated as of 11/2017, that approval process for condo is easy, but I cannot find a lender who specializes in and per the current mortgagee letter - it does not say who to contact for HRAP/DELRAP processing, or lenders with DE specialization.

Could you assist?

I have a client, wanting to purchase and unit was previously approved, but condo association does not/did not want to spend $1000 to have a third party process to hud to get condo neighborhood/units approved....

Advice?

Pamela
asked Jan 8 in FHA Loans by Pamela Stephenson

1 Answer

0 votes
Good morning Pamela,

I have been scouring the Internet for a list of DE lenders and / or underwriters. So far, I can see that they are available on FHA Connection, which is open only to FHA-approved lenders. I called HUD to get a list of DE-approved lenders.

They do have a "lender locator" function that allows you to find FHA-approved lenders within a specified zip code. However, there is no way to filter for DE approval at this time. The FHA Resource representative said that you have to contact the lenders on the list and ask if they are DE-approved.

The condo association, if it comprises more than just a few units, may want to reconsider its decision. Having the ability to offer FHA-approved units can make the project more desirable and increase prices because it ups the pool of buyers.

I am sorry that this information is not as readily available as we would both like. But right now, this is the best we've got.

https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist

Thank you for writing and good luck.
answered Jan 10 by GinaPogol (44,900 points)

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