· The Federal Housing Administration (FHA) has published a new rule that updates its condominium approval process. The FHA’s new rule introduces a single-unit approval process designed to make it easier for individual condominium units to become eligible for FHA-insured financing.
The Federal Housing Administration (FHA) has published a new rule that updates its condominium approval process. The FHA’s new rule introduces a single-unit approval process designed to make it easier.
· New FHA Rule Will ease condo approval process Aug 15 2019, 5:15AM The long-waited Federal Housing Administration (FHA) rule regulating condominium lending was.
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.
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FHA should also reinstate the spot loan approval process and allow certain transfer fees that provide a direct benefit to the condominium property and the homeowners. On November 12, 2015, at the.
Condo Approval Professionals is a full service company that provides project approvals for all government agencies. We are currently involved in numerous project approvals through multiple agencies, including FHA, Fannie Mae, Freddie Mac, and VA.
The change introduces a single-unit approval process making it easier for individual condominium units to be eligible for FHA.
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Previously, the entire condominium had to be FHA approved in order for a buyer to utilize FHA loans for that purchase. The problem for many buyers was that a prior change of the recertification.
. condo units to be eligible for FHA mortgage insurance even if the condo project itself is not FHA approved. The changes become effective October 15. The approval process includes the following key.
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.
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.