FHA Spot Loans were mortgage loans that were allowed in condominium projects that were not on HUD’s approved condominiums list. The lender had the ability to approve a single loan on a condominium unit in a project that was not approved by HUD without the whole project having to get approved. Spot loans are no longer available.
FHA proposes to reinstate "spot condo" approvals – whereby individual units are approved by FHA, rather than the entire condo project – require property recertification every three years rather than the current two-year requirement, and provide process efficiencies for mortgagees submitting project recertifications.
It used to be different – for years FHA allowed so-called “spot” loans on individual. revisions to controversial FHA rules on condos have been completed and only await final obama administration.
Until Feb. 10, buyers and sellers skirted the stricter HUD and FHA guidelines by getting “spot approval” of an FHA-approved buyer at a non-FHA approved condo complex. But that option was eliminated,
Under the revised guidelines – which take effect Oct. 15, 2019 – an individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units are.
FHA’s single-family unit approval update is a much-awaited move FHA’s spot loan program has benefited people who qualified for an FHA loan to buy a single-family unit condo. The program has struggled since the housing market crashed.
In the past, a person who wanted to purchase a condo using an FHA loan had to choose a unit that was located within a previously approved condominium project. In other words, the entire building had to receive approval before a person could buy an individual unit with an FHA-insured mortgage loan. But that’s going to change starting in October.
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Elimination of fha condominium spot approval delayed Again. Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010. Implementation of FHA new condominium project approval process is delayed again
Single Unit Approval (aka Spot Approvals): This is probably the most significant change. The return of spot approvals will allow individual buyers, on a case-by-case basis, to purchase a unit with.