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 | |
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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!