Attorney & Lender Advice - FHA Certification Expiration

2 Replies

RE Attorneys and Lenders: is it accurate that if an FHA Case Number was assigned prior to a condo's FHA certification expiring that the loan should be able to close? See article for reference: https://fha.co/blog/condo-approval-expired-can-still-close-fha-loan-assigned-number/.  

Currently in a selling situation where a buyer only qualifies for FHA, but FHA re-certification at the condo is pending and volatile. Any advice (from a seller perspective) in this situation? Are there other lending options for a buyer like this? Their debt to income ratio is making a conventional loan option difficult for them.

@Desiree Maya As the article you linked states, if the FHA approval has expired then the lender needs to confirm that HOA delinquency is <= 15%, and investor ration is <= 50%. If either of that is not valid then the lender can't go forward with the loan.

If either of that is value then with is going to be difficult to secure Fannie financing with low down payment.

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