WESTLAKE VILLAGE, CA-FHA Pros LLC, a national Federal HousingAdministration condominium approval service, will be soon launchingan online resource for buyers, sellers, lenders, real estateagents, property managers and appraisers that provides full reportson FHA approval status for condos across the country. According tothe company, this is the first comprehensive platform of its kindfor condos that streamlines the process of identifying FHA-approvedproperties and comes at a time when demand for such properties isat an all-time high.
“With FHA loans making up almost half of new residentialmortgages, real estate professionals, buyers and sellers face thechallenge of quickly identifying and obtaining information onFHA-approved properties,” explains Chris Gardner, founder andpresident of FHA Pros LLC.
Due to the elimination of “spot approval” in February 2010, anentire condominium development must now apply to US Department ofHousing and Urban Development and be granted FHA approval beforesomeone can purchase or refinance a unit using an FHA loan.
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