Waiting on FHA approval
I have a commitment for an FHA loan to buy a condo in a new construction building. The building is waiting to receive FHA approval which seems to be taking forever. Does anyone have any experience with this or know how long this typically takes? Thanks!
I have a commitment for an FHA loan to buy a condo in a new construction building. The building is waiting to receive FHA approval which seems to be taking forever. Does anyone have any experience with this or know how long this typically takes? Thanks!
Thanks for the response – much appreciated!
FHA approval for a condo takes about 60-90 days. But it really depends on how fast the necessary documents are submitted. Also, dont forget FHA requires that the building is 51% sold to owner occupants. SO even with FHA approval, if the building isnt 51% sold to owner occupants then you can not close. May I ask which development?sunny.hong@bankofamerica.com