FHA fast facts: South Loop approvals

One of the questions Realtors hear most frequently is, “Is this property FHA approved?” Yesterday I punched three ZIP codes into HUD’s FHA search and compiled a list of all the approved developments in the South Loop.

We’ve noticed a lag in HUD’s online database in the past, so there may be more developments that have passed the department’s new approval process but have not made their way into the system. The most recent addition I found was from late October.

The approved properties include:

• 1400 Museum Park, 100 E 14th St: Two-bedrooms listed from the $460s to $490s; three-bedrooms listed from the $590s to $790s.
• 1555 Wabash, 1555 S Wabash Ave: One-bedrooms listed from the $230s to $310s; two-bedrooms listed from the $280s to $320s.
• 1600 Museum Park, 1629 S Prairie Ave: One-bedrooms listed from the $310s to $750s; two-bedrooms listed from the $360s to $750s; three-bedrooms listed from the $610s to $660s.
• 1720 South Michigan, 1720 S Michigan Ave: One-bedrooms listed from the $180s to $240s; two-bedrooms listed from the $220s to $340s.
• Chess Lofts, 320 E 21st St: One-bedrooms listed from the $170s to $320s; two-bedrooms listed from the $240s to $320s.
• Dearborn Park Terrace, 801 S Plymouth Ct: One-bedrooms listed in the $210s; two-bedrooms listed in the $260s.
• Marquee, 1464 S Michigan Ave: One-bedrooms listed from the $210s to $270s; two-bedrooms listed from the $280s to $390s; three-bedrooms listed from the $430s to $970s.
• Motor Row Lofts, 2303 S Michigan Ave: No homes listed — remaining units will go to fire sale on Saturday, December 5.
• Museum Park Place South, 1901 S Calumet Ave: One-bedrooms listed from the $290s to $310s; two-bedrooms listed from the $340s to $510s; three-bedrooms listed from the $560s to $590s.
• Library Tower, 520 S State St: One-bedrooms listed from the $270s to $280s; two-bedrooms listed from the $320s to $730s.
• Prairie District Lofts, 1727 S Indiana Ave: One-bedrooms listed from the $190s to $350s; two-bedrooms listed from the $240s to $390s; three-bedrooms listed from the $370s to $420s.
• Printers Corner, 170 W Polk St: One-bedrooms listed in the $220s; two-bedrooms listed in the $370s.
• Printers Row Lofts, 732 S Financial Pl: Two-bedrooms listed in the $270s.
• Vetro, 611 S Wells St: One-bedrooms listed in the $310s; two-bedrooms listed in the $310s to $410s; three-bedrooms listed in the $540s.

Note that the mortgage limit for FHA-backed loans in Cook County is currently $410,000.

More changes could be on the horizon for the FHA process following a drop in the administration’s reserves, according to a new article from CNBC’s Diana Olick. Steps could include raising minimum borrower FICO scores, raising minimum down payments from 3.5 percent to 5 percent, reducing the maximum seller concession from 6 percent to 3 percent, raising up-front or annual insurance premiums, and increasing lender accountability, Olick reports.

Related posts:

1. South Loop status: Some homes close at Museum Park Place South, but most linger
2. Sheldon Good to auction 20 units at the Motor Row Lofts in the South Loop
3. Downtown shark attack! Price cuts in River North, South Loop, and West Loop
4. Glut check: South Loop, by the numbers
5. It’s a South Loop shark hunt!

Tagged as: 60605, 60607, 60616, Condos, Downtown Loop, FHA, High-rises, Market conditions, Mortgages, South Loop