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.
In order to gain approval, in addition to the standard required documents, you will have to prove that at least 70% of the units have already sold, leaving just 30% open to FHA financing. The process to gain FHA approval for your condo association is time-consuming, but is not that difficult.
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Secondly, if you are reading this article right now because your agent brought you an offer with FHA financing, and your Association does not have such approval in place with the FHA, you may need to reject the offer or counter that type of financing out. It can take 90-180 days just to have the process started by FHA.
The FHA also requires certain property types, such as condominiums, to undergo a separate approval process. Having an FHA approval in-hand when shopping for a home can help you get an edge on the.
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FHA approval is seen as a sign of a well-run association even for buyers not using FHA financing. Because the FHA requires the entire association to be approved prior to any individual FHA-backed mortgage being issued, it is a good idea to have the approval in place prior to any FHA buyer coming to the table.
“This extension will allow continuance of condominium project approval until the condominium rulemaking process is completed.” Read the full letter, 2017-13, on the FHA’s website..
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"The goal isn’t to reduce FHA’s footprint in the condo market, but to ensure that homeowners are buying into a viable, sustainable homeownership opportunity," said Kuczma. She said HUD is working hard.
February 1, 2016 – In November of 2015, the FHA and HUD ran a press release on the official site (www.fha.gov) announcing temporary guidance making it easier to get a condo project added to the approved list for an FHA mortgage loan.HUD No.15-145 states that the FHA and HUD have "published new guidelines under its condominium approval process intended to increase affordable housing options.
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