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The Romo Report The Mortgage Blog Of Alex Romo – 312-738-8430

August 18, 2015 • 8:22 pm 0

Mortgage App – Great tool for Busy Realtors On The Go!

Stay Connected Like Never Before!

Call ME today! 


Filed under: Mortgage Advice, Alex Romo, Alexander Romo, FHA Loans, mortgage app, Mortgages, The Mortgage Banker

July 27, 2015 • 2:35 pm 0 What are the benefits of FHA condo approval?

1 FHA condo approval dramatically increases the pool of potential buyers

Statistics show that approximately 60% of new homebuyers intend to use an FHA Loan. If your community does not have FHA condo approval, you potentially limit the buying pool to only 40% of homebuyers. NOTE: These are “regular” buyers – an FHA loan is not associated with low-income HUD programs, such as Section 8. In some counties, an FHA insured loan can reach amounts of $800,000.00 or more. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.

2 Increased Home Value

FHA approved Condos have a larger pool of prospective buyers, therefore increasing competition and demand for the product. This can result in higher purchase prices and an increase in market value. This will increase the value of units throughout the community.

3 FHA Loans are Assumable

This means that in the future an FHA Loan can be assumed (including the interest rate) by a new buyer. With interest rates at an all-time low, this can be a very valuable asset to an HOA community.

4 Marketability

Some real estate agents won’t show units that aren’t FHA Approved. Being approved sets your community apart from others in your same area.

5 Awareness

Going through the FHA condo approval process gives your Homeowners the sense that you as a Board cares about the community and wants it to thrive. By avoiding the approval process it will hamper your owners when they go to sell their units.

6 Less Renters in the Community

Generally speaking, Buyers who use FHA loans are more likely to reside in the unit, and not rent it out. Conversely, communities without FHA approval will attract buyers that can make large down payments. These buyers are usually investors who will rent the property for a profit.

7 Fiduciary Duty

Board Members and Property Managers are expected to maintain property values in their communities. Several HOA attorneys advise that it is the fiduciary duty of the condo Board to apply for FHA condo approval to maintain or increase property values for residents.

What are the cons of FHA Condo Approval?

There are no “cons” to being FHA Certified. Remember, chances are, your community was certified when it was developed. Most communities in the US are currently seeking FHA eligibility, but may not meet the strict FHA guidelines, and will not qualify. Misconceptions regarding FHA Condo Approval:

Misconceptions of Obtaining an FHA Approval

1 Being FHA Certified will bring in “low-income” buyers – FALSE

This is completely false! FHA Condo approval is completely unrelated to affordable housing programs. The FHA can insure loans upwards of $800,000.00 in some areas. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.

2 FHA Loans caused the mortgage crisis – FALSE

FHA loans are not Sub Prime Loans. Although they do offer lower down payments than traditional mortgages, there are credit score requirements, debt to income analysis, and income verification. Also, in 2009 FHA loans made up about 2% of the loan market, in 2010 they were up to 40% and climbing.

3 The guidelines are too strict and it’s cost prohibitive – FALSE

Well-managed and financially stable communities have no trouble becoming FHA approved. The cost has dropped dramatically since 2010. When the guidelines initially changed, Attorneys were charging upwards of $5,000 to review the documents. My team and I at The Federal Savings Bank work with the Condo Association to obtain all documentation and submit directly to HUD for FHA Approval for a very low fee of $0. That’s correct! I charge $0.00

If you or anyone you know lives in a condo development, call me today!

-Alexander Romo

Senior Vice President -Mortgage Lending


The Federal Savings Bank

NMLS 217060




Filed under: Mortgage Advice, Alex Romo, Alexander Romo, Conventional mortgage, fha, FHA CONDO, FHA CONDO APPROVAL, FHA Loan, FHA Loans, fha mortgage, The Federal Savings Bank

February 10, 2015 • 2:32 pm 0


Illinois will be discounting the Down Payment assistance for Veterans this Friday February 13th!

If you’re a veteran planning on purchasing or know someone who is, call me today!

As a veteran owned bank and premier VA Lender, we specialize in helping veterans purchase their dream home!

It’s not too late. I can reserve the funds before the deadline! 


Filed under: Mortgage Advice, Alex Romo, Alex Romo Report, Alexander Romo, down payment assistance, Home Financing, Home Loans, IHDA LOANS, Mortgages, SPECIALIZE LENDING, VA Lender, Veterans, WLECOME HOME HEROES

January 19, 2015 • 12:22 pm 0 


January 12, 2015 • 10:13 am 0

See for Yourself! watch my quick video on this awesome program!



Alex Romo – Senior Vice President – Mortgage Lending


Hablamos Español




January 10, 2015 • 2:59 pm 0

Not to worry – I have the perfect program for you!

CALL ME TODAY  – 312-738-8430


Licensed to lend is ALL 50 States! 


October 4, 2014 • 5:46 pm 0


Just having good credit doesn’t mean you’ll be able to obtain a mortgage.  Whether you are purchasing a home or simply trying to refinance your current home – there are several important parts in order to getting approved!

It’s easy to walk in to your neighborhood bank and expect the process of obtaining a mortgage approval as easy as opening a checking/savings account.

Unfortunately, many of us have learned this is not always so.  Mortgages are tough to obtain. Plain and simple.

In today’s market, it’s gotten so tough that our nations Top Banker cannot even obtain a mortgage! He was denied when applying to refinance his home! read more

This is just another reminder to make sure and work with a True Mortgage Professional who is dedicated and knowledgeable of today’s mortgage program qualifications. 


Filed under: Housing Market, Mortgage Advice, Alex Romo, Alexander Romo, Bernanke, Home Financing, Home Loans, Housing Market, Loan Officer, mortgage expert, The Federal Savings Bank

March 29, 2014 • 3:09 pm 0 


December 26, 2013 • 10:29 am 0

What To Remember When Applying For A Mortgage In my last post, I discussed which banks have the tendency of denying you home loan.  A big part of this problem are the caliber of employees handling your loan and the other are just the banks rules on approving each loan (specific bank overlays).

Applying for a mortgage is the most important step in the home purchase process.   As part of my loan application process, there are important key points I make sure to discuss.  There are very important items to remember to do and of course not to do.

A few things you should do are:

A few things you should not do:

Contact me today to discuss any questions you may have in regards home financing.




Filed under: Mortgage Advice, Alex Romo, Alex Romo Report, Alexander Romo, Conventional mortgage, fha mortgage, loan application, Mortgage rates

November 11, 2013 • 8:55 pm 0 

Alex Romo – Home Loan Expert



 Refinance Today! CLICK BELOW! Start Saving today! Alexander Romo