A development pursuing FHA loan approval is hardly news these days — it’s almost expected. Senco Properties sent out a release this week promoting Emerald‘s approval for the government-backed loans, which require as little as 3.5-percent down-payments and have easier qualifications than conventional mortgages.. As I mentioned yesterday, Opera Lofts has approval for its first phase and is pursuing approval for its second phase right now. Two properties I toured with Steve Breinling this winter — the Lyndale Condominiums and Farwell at the Lake — are almost approved, according to an e-mail from fellow Rubloff agent Michelle Browne.
Remember that you can check on the FHA status of condominium developments through HUD’s Web site. Also remember that the list may not be up-to-date. (Emerald’s entry, for example, dates back to March, when the development’s application was still pending.)
The site also allows you to search for your area’s FHA loan limits, which changed this winter with the passage of the federal stimulus package. The current limit for single-family homes in Cook County is $410,000.