Individual units may be eligible for Single-Unit Approval if: The individual condominium unit is in a completed project that is not approved; No more than 10 percent of the individual condo units are FHA-insured (properties with 10 or more units) or properties with fewer than 10 units have no more than two (2) FHA-insured units.
She said HUD is working to improve the approval process and considering changes such as reinstating spot approvals for individual condo units in projects that aren’t already FHA approved. Source:.
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Now, the government backs almost one in every three loans. So, if your condo project is not on the agency’s approved list, you could be missing a significant part of the market. FHA approval “opens up.
The fha condo approval list is the only official list released by HUD.. It is updated once a day, so there is a 24-hour lag for condos that become FHA Approved, and when they appear on the list.Because of this, make sure to check back daily to see any updates made by HUD to the FHA Condominium Approval list.
Condominiums The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. These properties are not for sale by the FHA. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields.
The Federal Housing Administration is making it easier for first-time condo buyers, often with less than perfect credit, to get mortgages. The new condominium approval rule, which goes into effect Oct.
FHA Condo Approval Guidelines: New Construction. 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.
FHA Condominium Guidelines 12/15/09 – revised 02/23/10 PAGE 3 OF PLAZA HOME MORTGAGE, INC. Loans being submitted to HUD for hrap initial project approval: Lender must certify on company letterhead signed by an authorized representative that the project
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Community Associations Institute (CAI) applauds the actions by the U.S. Department of Housing and Urban Development (HUD) to streamline the Federal Housing Administration’s (FHA) condominium project.