fha condo approval guidelines

fha condo approval guidelines

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.

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FHA approved condominiums meet the mortgage insurance guidelines of the Federal Housing Administration and are eligible for FHA.

Map of FHA approved condos 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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Condo Approval Professionals is a full service company that provides project approvals for all government agencies. We are currently involved in numerous project approvals through multiple agencies, including FHA, Fannie Mae, Freddie Mac, and VA.

This policy change introduces a new "single-unit approval process" for certain condos in the United States. The new guidelines will make it easier for individual condominium units to qualify for FHA-backed mortgage financing. If the non-approved condominium project has 10 or more units, up to 10% of them can be FHA-insured.

recertifying and maintaining condominium project approval. The requirements, as defined, are applicable to forward mortgages and those originated under the Home Equity conversion mortgage (hecm) insurance program, more commonly known as a reverse mortgage unless otherwise stated. Condominium project approval can be issued by FHA staff or by an FHA-approved mortgagee.

Under the revised guidelines – which take effect Oct. 15, 2019 – an individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units.

Eighty percent of FHA mortgages in the project must be made to owner-occupants. Eligibility. Any creditworthy persons who meet fha underwriting criteria and are intending to occupy the condominium unit as their principal residence are eligible to apply. SEE YOUR CREDIT SCORES From All 3 Bureaus

New Construction also has its own fha condo approval Guidelines. To gain FHA approval for a project that is still under construction, recently converted, or less than 12 months old, a special set of guidelines will apply. The Developer will need to pre-sell, or have under contract, at least 30% of the units in Phase 1 to become FHA Condo Approved.

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