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:

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.

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