how do i know if a condo is fha approved

From there you can check the current VA and FHA condo approval status. Most communities that were given FHA Condo Approval Certification in the past had it revoked sometime in the last 5 years. If your condominium project is currently Expired, Withdrawn, Rejected or Soon to Expire, you can click here to Get VA or FHA condo approval .

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Why Does Your Condominium Association Need FHA/VA Approval? 25% of all new mortgages are FHA; For a senior to obtain a reverse mortgage, the association must be FHA approved. Having FHA/VA approval leads other lenders to make non FHA/VA loans in the community. Lower down payments are allowed with FHA/VA loans.

The requirements to get an FHA loan for a condo are strict. The complex itself needs to be FHA approved. Here’s why and what you can do about it.

In 2006 fha loans accounted for less than 2% of the mortgage market; now almost half of all new loans are FHA. With 87 percent of home buyers indicating that they plan to use FHA loans, condominium and townhome associations that are not FHA approved are missing out on a significant pool of prospective buyers.

As you may remember, HUD announced condo approval changes back in June of 2009. Now it is safe to say most condos are not HUD approved. If you want to find out what condos are eligible for FHA financing you may look up the complex on HUDs’ website’s "Condo Look" Page. Lenders no longer do spot approvals.

FHA approved condos are primarily residential condominiums that meet the property eligibility requirements and are eligible to be purchased using an FHA Loan. The FHA insures one unit condos in which you can get a 15 year or 30 year fixed-rate mortgage.

The FHA does not require the repair of cosmetic or minor defects, deferred maintenance and normal wear if they do not affect the safety. However, FHA borrowers who know what to expect when home.

How do I find Fannie Mae approved condominiums?. Answers others found helpful. How do I find FHA approved condominiums? How do I find my association? How do I find VA approved condominiums? condominium Declaration; Approved resolutions; print. email this page.

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Here's everything you need to know about FHA-approved condos, If a condo complex is not on the official FHA-approved condos list, then it.