Posted on: 12th Jan, 2010 09:03 am
Is both upfront MIP and monthly now required on a FHA Condo loan? If the condo is not on FHA approved Condo list can we do a spot loan. What is required to do a spot loan?
As of December 28, 2005, both the upfront MIP and the monthly MIP are charged on dondominiums.
FHA spot loans on condominiumss were discontinued with any FHA case numbers assigned after Nov 17, 2009.
That does not mean you can not do an FHA mortgage on a condominium. It means the condo must either already be FHA approved or some lender needs to get it approved to do your FHA mortgage. If someone else does an FHA mortgage and their lender got the condo approved, then the condo project is approved for you to do an FHA mortgage also,.
FHA spot loans on condominiumss were discontinued with any FHA case numbers assigned after Nov 17, 2009.
That does not mean you can not do an FHA mortgage on a condominium. It means the condo must either already be FHA approved or some lender needs to get it approved to do your FHA mortgage. If someone else does an FHA mortgage and their lender got the condo approved, then the condo project is approved for you to do an FHA mortgage also,.