condo fha approval process

Whether a first time home buyer or repeat buyer, FHA loans provide so many advantages to buy a home. FHA even helps buyers purchasing a condo as a primary residence with the same benefits as a regular home. The only caveat is that the condo must report as approved on the fha approved condo list.

Unfortunately, only a small number of condominium projects in any given market area appear on the FHA list of approved condominiums. The reason for the limited number of approvals is that the approval process itself is cumbersome, time-consuming, and often costly.

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If the condominium is not FHA approved, the condo association may be willing to go through the FHA-approval process. Gaining FHA approval would benefit condo owners by opening up the pool of potential buyers to a wider market. It would also give owners who want to refinance another loan option.

FHA Condo Approval For Buyers. There are many reasons to choose an FHA approved condo, not the least of which is the possibility of a small down payment loan. fha approval requires adherence to some quality control requirements that few associations can meet.

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FHA condo list: An article in Sunday’s Business section about. A problem with any one of the rules can set the approval process back by weeks. One of the more frequent issues that can delay the.

FHA proposes to reinstate "spot condo" approvals – whereby individual units are approved by FHA, rather than the entire condo project – require property recertification every three years rather than the current two-year requirement, and provide process efficiencies for mortgagees submitting project recertifications.

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Condo projects that had been approved by FHA before October 2008. can assemble documents and create a package for FHA in about five days but that the entire process can extend for an additional 45.

The FHA issued proposed changes to its condo rules in 2016 that promised to lift a number of restrictions and streamline the certification process, but it has yet to issue a final rule. Last summer,

It may only make sense for stalled condo projects in an outer borough, he said. Even so, it’s a lot of money, time and paperwork. Price said he closed an FHA-backed deal recently in New York which saw.