A HUD spokesman said the reason so few condominiums have found their way back onto the FHA mortgage-approval list is that some association boards may not, for whatever reason, want the federal green.
Many states have hundreds of condominium projects. fha maintains a database of approved condominium projects to allow lenders the option of providing a "spot approval" when approving an FHA loan in a condominium development that had not received FHA approval. As of Feb. 1, 2010, FHA eliminated the spot loan approval process.
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FHA borrowers need not use their current FHA-approved lender, but must seek out a lender approved to do business with the FHA. The agency maintains a list of its approved. To streamline refinance a.
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A list of Pros, Cons, and Misconceptions about fha condo approval.. If your community does not have FHA condo approval, you potentially limit the buying. She wrote to owners that we are a condominium development, “which means the entire development would have to be approved. not in the association’s best interest to apply for the approval. We.
· FHA loan rules for condo mortgages include an approval requirement-any condo eligible for an FHA insured mortgage must be on the official list of FHA-approved condo projects. Some readers want to know if there is a list of the FHA requirements that a condo project needs to comply with in order to be included on or added to the FHA-approved.
FHA Approved Condo List. Map of FHA Approved Condos . FHA Review is an independently owned and operated corporation. It is not an agency of the United States Government and is not contracted by the Department of Veterans Affairs, or the Department of Housing and Urban Development, or their.
The Federal housing administration (fha) agency is a part of HUD that backs the popular FHA loans. The HUD/FHA also stipulates that FHA borrowers only use FHA loans to purchase FHA approved condos . Until December 7, 2009, the VA permitted military borrowers to use VA loan for condo purchases in any HUD accepted CID.
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