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Who Checks Requirements for FHA spot approval?

Started by bklyn0818
almost 17 years ago
Posts: 4
Member since: Aug 2008
Discussion about
I am researching using FHA spot approval and want to know who we would contact to research whether a particular unit would qualify - a loan officer or RE agent? We are interested in the last remaining unit in an otherwise fully occupied new development in Brooklyn, NY.
Response by front_porch
almost 17 years ago
Posts: 5320
Member since: Mar 2008

I never heard of "spot approval" until you used the term, but basically, the ruling is going to depend on the provision of data -- like percent owner-occupancy and use of common areas -- that's going to come from the managing agent. You might ask the listing broker to go to the managing agent to get this data, since it's unlikely that they'll want to provide it to a loan officer or a buyer's broker if they think you're not a serious buyer, i.e., if you haven't made an offer yet.

ali r.
{downtown broker}

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