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Chicago FHA Building Approval

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FHA Condo List as of: Thursday, January 29, 2009

Address

Name

Approval

Zip Code

Neighborhood
5301-05 W Lemoyne 5301-05 W Lemoyne Condominium Approved 60651 North Austin
2051-61 E 72nd St   Approved 60649 South Shore
155 Harbor Drive Harbor Point Condominiums Approved 60601 New Eastside
1646-50 W Edgewater Anderson Villas Approved 60660 Edgewater
3151 N Lincoln Lincoln Lofts Approved 60657 Lakeview
5201-09 S Ingleside   Approved 60615 Hyde Park
5360 N. Lowell Ave River'S Edge Condominium #1 Approved 60630 Sauganash
233 E Erie Streeterville Center Approved 60611 Streeterville
2020 Lincoln Park West 2020 Lincoln Park West Approved 60614 Lincoln Park
6933 N Kedzie Winston Towers Approved 60645 Rogers Park
5252 S Drexel Eaglebrook Condominiums Approved 60615 Hyde Park
1441 W Farwell   Approved 60626 Rogers Park
5235 N. Ravenswood Ave Map Factory Lofts Approved 60640 Andersonville
858-60 W Lakeside   Approved 60640 Uptown
175 E Delaware Place John Hancock Approved 60611 Gold Coast
6426 N Ridge Ridge Village Approved 60626 Rogers Park
1515 S Michigan 1515 S Michigan Ave Condominiums Approved 60605 South Loop
444-446 W Oakdale   Approved 60657 Lakeview
900 E 62nd 6153 S Drexel  Approved 60637 Hyde Park
912-914 Leland Leland Circle Condominiums Approved 60640 Uptown
1248-1254 Thorndale   Approved 60660 Edgewater
7363 S Shore Dr   Approved 60649 South Shore
5026-28 S Michigan   Approved 60615 Bronzeville
339 W Barry   Approved 60657 Lakeview
4904-4906 S Vincennes   Approved 60615 Bronzeville
1410-1412 Bryn Mawr   Approved 60660 Andersonville
2754 N Hampden Ct Hampden Tower Condominium Approved 60614 Lincoln Park
2301-47 E 70th Place Park Waters Condo Approved 60649 Hyde Park
5914-20 S Kedzie Kedzie Condominiums Approved 60629 Gage Park
1720 N Marshfield Marshfield Park Condominium Approved 60622 Bucktown
6325 N Sheridan Sheridan Point Approved 60660 Rogers Park
6033 N Sheridan Malibu East Approved 60660 Rogers Park
700 W Bittersweet   Approved 60613 Uptown
253 Delaware East Delaware Condominium Approved 60611 Streeterville
313-315 E 60th Street Prairie View Condominiums Approved 60637 Hyde Park
1901-03 W Lunt North Sheridan Condominiums Approved 60626 Rogers Park
6964-70 N Wolcott North Sheridan Condominiums Approved 60626 Rogers Park
1667 N Bissell   Approved 60614 Lincoln Park
6220 N Ridge Emerson Park Approved 60660 Rogers Park
2161 N California St George Lofts Approved 60647 Logan Square
5471 Hyde Park Blvd Watergate East Approved 60615 Hyde Park
105 N Pine Court   Approved 60644 Garfield Park
6166 N Sheridan Granville Towers Condominium Approved 60660 Rogers Park
1960 Lincoln Park West Lincoln Park Tower Approved 60614 Lincoln Park
1501 E 65th St Varsity Park Approved 60637 Hyde Park
6700 South Shore Drive Quadrangle Condominiums Approved 60649 South Shore
2654 Medill Medill Street Lofts Approved 60647 Logan Square
1648 W Hollywood   Approved 60660 Andersonville
4630-40 N Racine Racine Courts At Sheridan Park Approved 60640 Uptown
6550-52 North Glenwood   Approved 60626 Rogers Park
7715-21 N Hermitage Birchwood Courts Approved 60626 Rogers Park
5230 N Kenmore The Provenance Condominium Approved 60640 Uptown
345 N Canal Fulton House Approved 60606 River West
2370 E 71st Lakeshore Pointe Condominium Approved 60649 South Shore
1565 N Hoyne   Approved 60622 Wicker Park
2322-30 Lincoln Park West Brighton Of Lincoln Park Approved 60614 Lincoln Park
70 W Huron The Hermitage Condominiums Approved 60610 River North
5213 S Ingleside Ingleside Condominiums Approved 60615 Hyde Park
40 E 9th Burnham Park Plaza Approved 60605 South Loop
1259 N Wood Cityview Lofts Condominiums Approved 60622 Wicker Park
6925-35 W 64th Place Courtyards Ii Approved 60638 Clearing
6807-11 S Pulaski Courtyards I Approved 60629 Clearing
728 W Jackson Haberdasher Square Lofts Approved 60661 West Loop
6730 S South Shore Dr Lakefront Place Condominiums Approved 60649 South Shore
330 W Diversey Commonwealth Plaza Approved 60657 Lakeview
1791 W Howard St Renaissance Lofts Approved 60626 Rogers Park
2654 W Lunt Ave Lunt At The Park Condominiums Approved 60645 Rogers Park
6740 S Olgesby   Approved 60649 South Shore
4337-43 N Kedvale Kedvale Terrace Approved 60641 Old Irving
626-630 W Waveland Waveland Gardens Condominiums Approved 60613 Lakeview
300 N State Marina Towers Approved 60654 River North
1431-33 W Rosemont   Approved 60660 Edgewater
124 W Polk Folio Square Condominium Approved 60605 Printers Row
14 N Sangamon Art House Condominium Approved 60607 West Loop
1540 N Lasalle Lasalle Terrace Approved 60610 Gold Coast
5018 S Woodlawn   Approved 60615 Hyde Park
1250 N Lasalle   Approved 60610 Gold Coast
2200-2206 W Granville Twin Gables Approved 60659 Rogers Park
636 W Waveland Waveland Courts Condominium Approved 60613 Lakeview
5125-31 S Greenwood   Approved 60615 Hyde Park
6969 N Ashland   Approved 60626 Rogers Park
5455-5463 Ingleside   Approved 60615 Hyde Park
4705 South Champlain The 4705 South Champlain Avenue Approved 60653 Hyde Park
420 &Amp; 426 S Clinton Gotham Lofts Condominium Approved 60607 West Loop
2728 W 87th Street   Approved 60552 Evergreen Park
2210 West Wabansia The Pinnacle Lofts Condo Approved 60647 Bucktown
5805 W Eddy Menard Condominiums Approved 60634 Portage Park
1516 S Wabash Landmark Lofts Condominiums Approved 60605 South Loop
1632 S Indiana Bicycle Station Lofts Condominiums Approved 60616 South Loop
5445 Sheridan Edgewater Plaza Condominium Approved 60640 Uptown
1660 N Lasalle   Approved 60614 Old Town
5206 & 5210 N Winthrop North Winthrop Condominium Approved 60640 Edgewater
7120 N Sheridan   Approved 60624 Rogers Park
621 S Plymouth Ct Moser Loft Condo Approved 60605 Printers Row
5424 W Ferdinand Merrick Park Approved 60644 Austin
4546 N Greenview   Approved 60640 Ravenswood
525 N Ada Ada Street Lofts Approved 60622 River West
411 S Sangamon Sangamon Loft Condominium Approved 60622 West Loop
2534-42 N Kedzie Redgate Court Condominiums Approved 60647 Logan Square
5021 S Drexel   Approved 60615 Hyde Park
1110-1150 W 15th Street University Commons V Units Approved 60608 University Village
2030 W 111th Terrace Place West Condominium Approved 60643 Beverly
5614-16 S Blackstone   Spot Approval 60637 Hyde Park
222 N Columbus Park Millennium Spot Approval 60601 Loop
2930 N. Sheridan Aquilo Approved 60657 Lakeview
3553- 3559 W. Montrose   Approved 60618 Albany Park
6 S Laflin   Spot Approval 60607 West Loop
523 S Plymouth   Approved 60605 Printers Row
801 S Plymouth   Approved 60605 Printers Row
1549 W Sherwin   Approved 60626 Rogers Park
700 Bittersweet   Approved 60613 Buena Park
6171 N Sheridan   Approved 60660 Edgewater
1720 S Michigan   Approved 60616 South Loop
3563 W Lyndale   Approved 60647 Logan Square
1000 E 53rd Renaissance Place At Hyde Park Approved 60615 Hyde Park
700-702 East 51st St Parkview Luxury Condos Approved 60615 Hyde Park
5301-05 W Lemoyne 5301-05 W. Lemoyne Condominium Approved 60651  
2051-61 E 72nd St   Approved 60649  
5121 Drexel Drexel Square Approved 60653 Hyde Park
2345 W. George Riverwalk Townhome Condominium Approved 60618 Logan Square
7446 N Damen   Spot Approval 60626 Rogers Park
Want more info about FHA approved condos? Let us know...

FHA Loans 101

Federal Housing Administration (FHA) loans are common among first-time home buyers and those who do not have a lot of money for a down payment, or have a less than stellar credit score. FHA loans can be used to buy 1 – 4 unit homes, including detached houses, condos, townhomes, mobile homes and other single-family residences.

The FHA is not actually lending money to borrowers, instead it insures the loans for other lenders. This makes it possible for higher risk borrowers to get loans because the lenders are protected from default. With an FHA-insured loan, many home buyers are able to obtain more affordable mortgages and may even have an easier time getting qualified.

Generally, the main benefits of a FHA-insured loan are lower down payment, competitive interest rates, and easier qualification than with a conventional loan. Currently, the minimum down payment amount for FHA loans is 3.5% of the purchase price. So, a buyer would only need to put $5,250 down on a $150,000 property.

In order to get an FHA loan, you need to use an FHA-approved lender. FHA-approved lenders include banks, mortgage brokers, credit unions and financial institutions. Just like with any loan, it is recommended you shop around for the best rates and fees offered by FHA-approved lenders. You can use the search engine on the Federal Housing Administration website to find FHA-approved lenders in the Chicago area.

In the case of purchasing a condo or townhome with an FHA loan, the condo building or townhome development also needs to be FHA-approved. If it is not, a spot approval is needed. A spot approval can be obtained if the building meets a list of criteria (Chicago Condos Online provides a checklist for you).

The FHA loan process begins with an application, which is prepared for presentation to investors. This step typically takes up to three weeks because a number of documents and verifications must be collected to proceed. An appraisal is done to ensure the property is worth what the investor is lending for it. Next, the loan request is submitted to the investor for underwriting and approval. If the underwriter determines an applicant’s financial and credit situation is acceptable and the loan meets FHA guidelines, an approval is issued. The loan will be suspended if other documents are needed or denied if FHA guidelines are not met. For approved loans, legal binding documents are drawn up, which include the Deed of Trust, a Promissory Note for the amount borrowed, and a HUD 1 itemized list of fees. After the loan documents are signed, notarized and verified, the investor funds the loan. Finally, the docs are taken to the county recorders office.

There are several different types of FHA loan programs that borrowers may qualify for. The most basic are fixed-rate loans and adjustable-rate loans. But other more specific programs include discounts for teachers and police officers. Talk with your agent about the best FHA loan option for you!

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