As non-approved condo communities see this success, they will make efforts to get on, and stay on, the FHA approved list. But approval does not happen overnight. It can be a lengthy process.
PDF condominium project approval and PROCESSING GUIDE – Condominium project approval can be issued by FHA staff or by an FHA-approved mortgagee. Mortgagees meeting defined eligibility requirements are authorized to review condominium documentation, determine project eligibility and certify to compliance with section 203(b) of the NHA and 24 CFR parts 203 of FHA’s regulations.
If a condo meets FHA approval, the people who want to buy a unit in the condominium are eligible to apply for an FHA mortgage. If it isn’t approved, they can’t. But if you saw the nearly 100 page-document the government puts out for the requirements it takes to get a condo approved, that whole notion of simplicity goes out the door.
How to buy a Fannie Mae Approved Condo with just a 3% down Payment. Most conventional loans will require between 5% – 20% down. However, there is a program you may have never heard of.
FHA Review – FHA Condo Approval Made Easy – FHA Condo. – VA and FHA Condo Approval Process (2019) FHA Review is an independently owned and operated corporation. It is not an agency of the United States Government and is not contracted by the Department of Veterans Affairs, or the Department of Housing and Urban Development, or their affiliates.
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Home buyers considering financing a condominium with an FHA loan must verify that it complies with FHA approved condo requirements. Learn more about these requirements and how you can get an FHA loan for your condo.
Why Get FHA Approval – FHA Pros – Until recently, spot approval enabled an FHA loan for a single condominium or townhome unit to be possible even if the entire development was not FHA approved. FHA eliminated spot approval on February 1, 2010. Now an entire condominium development must apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association.
FHA Pros. We help Get Your Condo FHA Approved. – Why Does Your Condominium Association Need FHA/VA Approval? 25% of all new mortgages are FHA; For a senior to obtain a reverse mortgage, the association must be FHA approved. Having FHA/VA approval leads other lenders to make non FHA/VA loans in the community. Lower down payments are allowed with FHA/VA loans.