· ”When getting a loan for a condo, you have to go through a process of qualifying as a borrower and also making sure the condo is approved,” Trungale says. For instance, a condo must meet fha approval if you are going for an FHA loan. What that means is that the government has certain requirements that the condo must meet before approval.
Advantages of the FHA Condo Approval Process. One of the biggest headaches in the condo purchase process is the sheer amount of paperwork you need to read, a package known as the HOA documents, or “docs,” for short. While you’ll still need to read the CC&Rs (covenants, conditions and restrictions) to understand what you can.
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 loan rules for condo mortgages include an approval requirement–any condo eligible for an FHA insured mortgage must be on the official list of FHA-approved condo projects. Some readers want to know if there is a list of the FHA requirements that a condo project needs to comply with in order to be included on or added to the FHA-approved list.
estimates that over the next five years fresh loans backed by the FHA that go sour will cost taxpayers 0 billion or more. That’s on top of the $700 billion financial-system rescue Congress has.
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.
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What Are FHA-Approved Condos? FDA-approved condos are condos that meet the US Department of Housing and Urban Development (HUD)’s property eligibility requirements. If you want to buy a condo using an FHA loan, the condo must meet these requirements and be included on the fha condominium approval List.