condo fha approval process

Unfortunately, only the association can get themselves on the list by contacting FHA and going thru the FHA approval process. If a condo is on.

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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.

Condominium project approvals will expire two years from the date of placement on the FHA-approved condo list. Every two years the project needs to be re-certified to confirm that it is still in compliance with HUD requirements.

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.

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FHA proposes to reinstate "spot condo" approvals – whereby individual units are approved by FHA, rather than the entire condo project – require property recertification every three years rather than the current two-year requirement, and provide process efficiencies for mortgagees submitting project recertifications.

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.

fha proposes new approval process for condominium developments Proposed rule brings back spot approvals; is intended to be more flexible, less prescriptive and more reflective of market conditions WASHINGTON – In response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new regulations.

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Battle-tested buyers and their Realtors will rightfully cry about how too few Southern California condo complexes are FHA.

 · FHA EASES condominium project approval requirements temporary guidelines will increase number of condominium projects eligible for fha approval. effective immediately, FHA’s temporary guidance will streamline the agency’s condominium recertification process and expand the eligibility of acceptable ‘owner-occupied’ units to include second homes that are not investor.