FHA Condo Approval Guideline Summary and Comparison MatrixCondo ApprovalGuide Section
TheFederal Housing Authority(FHA) Wednesday released new approval guidelines to ease the process for buyers to purchase an FHA-insured condominium. The new policy will allow certain condos to be eligible for FHA mortgage insurance even if the project is not FHA approved. “Condominiums have increasi...
Single-unit approvals are awarded on a case-by-case basis, so the condo you're eyeing could still be approved so long as the larger development meets some of the FHA guidelines. And yes, even once that paperwork's done, you'll still need an FHA appraisal. Whether or not you've got...
ReadySetLoan is located in Connecticut and facilitates FHA and VA condominium project approvals for their clients. Over the past 5 years, Neil Caron, Eric Boucher and staff have successfully assisted hundreds of associations with the FHA and VA condo approval processes with a 99% success rate. O...
The first issue is whether your condo has been approved for conventional (Fannie Mae or Freddie Mac) or FHA financing. Approval is required because your association is essentially a third-party involved in refinancing your loan and that involvement adds "an additional element of risk" for the le...
Project Support Services assists in FHA and VA condo approvals nationwide. To learn more about our services, call us; we ensure a smooth process for you.
Is your condo HUD Approved? Click Here to find out. Why condominium associations should become HUD/FHA condo approved - For some people there’s been a stigma related with HUD and that is no longer the case – people buying in your price point are buying
First, as noted earlier, a condo mortgage loan may come with a marginally higher interest rate because a lender views it as higher risk than a mortgage for a stand-alone home. The condo loanunderwritingand approval process may also take more time because extra documentation is necessary to sat...
As someone interested in a condo, you should because few buyers are locked out from purchasing without the ability to get FHA financing. Not having FHA approval, of course, can affect the long-term value of your property. The advantage to a buyer getting anFHA loanis that you only have ...
While obtaining a mortgage for a condo is generally similar to a single-family home, there can be specific challenges. For example, to get FHA loan approval, condos must meet specificFHA approval requirements. Condo complexes must meet specific criteria to be approved for financing, such as a ...