Florida Mortgages and Making it Happen

Say what you want about the Florida real estate market, but from where I sit, these are some really good days. They are typically enjoyed when everyone does his or her job and delivers whatever paperwork or proof that’s their responsibility to deliver so the gears remain greased and the show goes on.

This is not to say that Florida mortgage processes themselves are not without their challenges…one of them is getting FHA condo deals done. But you know what? They can get done if a mortgage lender steps up…and frankly, that’s something me and my team pride ourselves on.

Case in point, in Florida, HUD has to approve a condo complex as a whole prior to the lender/FHA being able to approve an FHA mortgage loan for a unit in that condo complex. We had a client who wanted to purchase a unit for $40,000 in a subdivision for which the FHA approval was expiring.

And now here’s the part where I shout about how we cracked the code!

We collected all the pertinent information HUD requires from the investor concentration to the pending owner assessments to the insurance data – we gathered every single document required (not something most lenders will deal with to be honest), and assembled the documents into a comprehensive package in the format that HUD requires to perform their review.

After a laborious 8 week process, we got the complex approved by FHA, we got the loan approved, and my client is in that condo right now painting her living room.

At the end of the day, I sometimes really love my job.

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