Getting a condo "FHA-approved" can take as little as two weeks or more than three months. Note that getting a condo FHA-approved is not the home buyer’s responsibility.
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Buying a condo with poor credit, or a low down payment. If you don’t have at least a 620 credit score, or have the down payment that is needed for Fannie Mae condos. You can look into FHA approved condos, which can be purchased with an FHA mortgage. FHA loans are backed by the Government, which allows lender to loosen their buyer requirements.
Many states have hundreds of condominium projects. FHA maintains a database of approved condominium projects to allow lenders the option of providing a "spot approval" when approving an FHA loan in a condominium development that had not received FHA approval. As of Feb. 1, 2010, FHA eliminated the spot loan approval process.
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If you are looking at buying a South Windsor Condo, you likely wonder "how do I find out if a complex is FHA approved? Right now (as of 7/24/13) the following condo complexes in South Windsor are.
National Condo Advisors LLC, an approval service that helps get condominium projects approved for FHA and Fannie Mae financing, has launched a new inspection subsidiary specializing in reserve studies.
The exception to get the building FHA-approved is to meet the following three requirements: The conversion to condos must have occurred more than 12 months ago. The borrower must have been a tenant in the building seeking fha condo approval. A bona fide tenants organization which represents the.
Speak to our lenders and get current rates. fha condo approval Process. To buy an condominium with an FHA loan, the condo must be approved by HUD. FHA financing is much easier to qualify for than a traditional mortgage because the guidelines are more flexible. A downpayment of just 3.5% is required, much less than many conforming mortgages require.
FHA Condo Approval List 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.