fha condo approval requirements

The revisions could remove at least some of the obstacles that have dissuaded condominium homeowner association boards from seeking FHA approval or recertification. FHA officials defend their.

The Federal Housing Administration (FHA) agency is a part of HUD that backs the popular FHA loans. The HUD/FHA also stipulates that FHA borrowers only use FHA loans to purchase FHA approved condos . Until December 7, 2009, the VA permitted military borrowers to use VA loan for condo purchases in any HUD accepted CID.

fha eases condominium project approval requirements temporary guidelines will increase number of condominium projects eligible for FHA approval WASHINGTON – The Federal Housing administration (fha) today published new guidelines under its condominium approval process intended to increase affordable housing options for first-time and low- to.

government refinancing mortgage program 5. Adjustable-rate mortgages; 1. conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans.

The first step in the FHA condo approval process is to determine the basic eligibility of the condo based on the prevailing FHA condo approval guidelines. A significant amount of knowledge and information is necessary to assess a condo’s eligibility against FHA’s requirements.

If the condominium is not FHA approved, the condo association may be willing to go through the FHA-approval process. Gaining FHA approval would benefit condo owners by opening up the pool of potential buyers to a wider market. It would also give owners who want to refinance another loan option.

We’re are very experienced in achieving HUD/FHA and VA approvals for condominium complexes. Our General Manager is quite knowledgeable in all aspect of the condominium approval process. Our review team is tops in ensuring that your application package meets all of HUD’s or the VA’s requirements.

While Mortgagee Letter 2009-46 provided information regarding re-certification requirements. As part of the new FHA condo rules, reverse mortgage lenders can use the HUD Review and Approval Process.

The Federal Housing Administration (FHA) agency is a part of HUD that backs the popular FHA loans. The HUD/FHA also stipulates that FHA borrowers only use FHA loans to purchase FHA approved condos . Until December 7, 2009, the VA permitted military borrowers to use VA loan for condo purchases in any HUD accepted CID.

The FHA has issued a press release announcing temporary guidance that will make it easier to get a condo project added to the approved list for an FHA mortgage loan. According to HUDNo.15-145, the FHA/HUD, "published new guidelines under its condominium approval process intended to increase affordable housing options for first-time and low- to moderate-income homebuyers.

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