If you plan to get an FHA mortgage to buy a condo, find out whether the condo development in which you want to purchase a unit is approved by the FHA, Tomaselli said. "If you are only approved for FHA.
"The best source for information is the individual selling the unit; they are a great contact for agents and their buyers to quickly get the information and paperwork needed for approval," she said.
In order for the FHA to make a loan in a condominium project, the project itself must first be approved by the FHA. Unfortunately, only a small number of condominium projects in any given market area appear on the FHA list of approved condominiums.
fha loan restrictions buying If you buy the home and the lot and the lot is a multi-section lot, you can borrow the money for up to 25 years. If you buy just the lot, you can borrow the funds for up to 15 years. qualifying for the FHA Loan. Just like you would for the purchase of any other home bought with FHA financing, you must meet the following requirements:
· My condo complex decided to not renew FHA certification due to the red tape/cost, so there’s not necessarily something ‘wrong’ if a condo is no longer FHA approved. I’ve heard it can take anywhere from 30 – 90 days, but perhaps one of our friendly neighborhood real estate agents may be able to chime in with more info.
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.
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.
Yes, it is true that you need FHA approval of your condo association to obtain a reverse mortgage through FHA. To facilitate this, you may have to attend a board meeting and voice your request,
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Condo Approvals USA is the premier fha condominium approval processing company servicing homeowner associations (hoas), property management companies, and developers nationwide in processing their condominium complexes for FHA and VA approval and recertification. The company provides systematic, timely and expert processing and consulting services under the current HUD and VA guidelines.