The help of the condo board (HOA) or community manager actively involved in the operations is necessary to gather the condo approval documents in time. required documents . A number of documents must be compiled and presented in the HUD prescribed manner in order to get a condo approval. All FHA approved condos must present the following documents:
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FHA-Approved Communities. The U.S. Department of Housing and Urban Development, the parent agency of the FHA, maintains a list of FHA-approved condo communities.
Condominium loans backed by the federal housing administration used to be a rarity – but now the FHA holds up to a third of the loans in some markets. And since the FHA ended spot approvals in 2009, the entire condo association must have approval before the FHA will issue any loans.
In order to get a condo building "FHA-approved", the FHA requires specific documentation which varies based on the condo building’s history. Getting a condo "FHA-approved" can take as little as two.
Find the approved FHA condos in any part of the country. Qualify for FHA financing by purchasing a condo listed here.
How to find FHA-approved condos A real estate agent can help you find an FHA-eligible condo in your area through the multiple listing service. You can also visit the HUD website to find.
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To buy a condominium with an FHA loan, the entire condo must be approved by HUD. FHA financing is much easier to qualify for than a traditional mortgage because the guidelines are more flexible. A downpayment of just 3.5% is required, much less than conventional mortgages require.
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FHA allows approval of proposed, existing and under-construction condominium projects as long as at least 50 percent of the units have been sold. Additionally, FHA requires that no more than 15 percent of the total unit’s homeowners association dues can be in arrears.