If the condo development you’re interested in is not FHA approved, you might consider putting 5%-10% down to get a conventional loan. Conventional loans, also called conforming loans, don’t have a set list of approved and rejected condos.
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. VA approval allows veterans to purchase in the community.
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VA condo approval is a completely different process from FHA Condo Approval. In the past, VA and FHA had a reciprocal agreement, which meant all FHA Approved communities became VA Approved. This is no longer the case, and the VA independently reviews each condominium for Approval.
FHA approved condos. FHA approved condominiums meet the mortgage insurance guidelines of the Federal Housing Administration and are eligible for FHA mortgage financing.
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We get requests all the time to assist a condominium community in getting HUD/FHA certified. These requests come from a single condo owner or in some cases more than one condo owner. They request and pay for our services. We also have had cases where the buyer of a condo paid for the FHA/HUD approval for the community.
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7 minute read. If you’re curious if you can buy a condo using an FHA loan. The answer is YES! In this article you are going to find out how you can find out which condos are FHA approved.
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A buyer may like the ease of condo ownership, maybe they want to reduce their housing costs. Here in South Windsor there are several FHA approved condominium projects. Why does that matter you ask?.
If you are thinking about taking out an FHA reverse mortgage and you own a condo, that condo complex must be HUD approved before you can do so. A HUD approved condo requires the whole condo complex be approved by the Department of Housing & Urban Development (HUD) before the reverse mortgage loan will be accepted.