The agency has banned so-called “spot” loans and will only insure mortgages on units in condo projects that have passed a certification process that examines. the number of condo developments.
The National Association of. mostly handed down from the FHA, Fannie Mae, and Freddie Mac. These GSEs control a very large portion of the condo lending market. The NAR has been working with these.
· FHA condo approval is a requirement for any borrower that wishes to purchase a condo with FHA financing. The approval process goes through the HUD Review and Approval Process and could take up to 30 days to complete. Once the condo receives approval, however, it is only good for 2 years. After that time, the condo must get recertified.
· Most importantly for boards, changes made to the FHA approval process in recent years shifted the burden of qualifying for FHA mortgages from lenders to the association. In fact, many condo buyers are looking for FHA-approved associations as a sign the association is.
The Condominium Project Approval and Processing Guide (Guide) is designed to provide the federal housing administration (fha) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)
That will give you a choice of far more condominium projects than you will find on the FHA list of approved projects. Ask the condo association or your lender to get FHA approval. Though it never hurts to ask, this idea will likely be shot down quickly. It takes reams of documentation, and weeks of review by the FHA, for a project to be approved.
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The Condominium Project Approval and Processing Guide (Guide) is designed to provide the Federal Housing Administration (FHA) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)
The other type of approval is called DELRAP, or Direct Endorsed Lender Review Approval Process. This is when an FHA-approved lender reviews the condo documents and certifies that the condo project meets fha standards. Although this is the quicker option, most lenders don’t want to run this risk.
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