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fha guidelines for condos

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And Wednesday, the FHA announced that it is indeed changing some of its rules around condo financing, lowering its owner-occupancy requirements on certain condo developments.

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FHA & VA Approval Condo Project Approval FHA has been under pressure over the years from mortgage industry and homeownership advocacy groups to update its guidelines on condominium financing, particularly in regards to making the.

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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FHA Condo Approval Guidelines: 2-4 unit condo complexes. There are different FHA Condo Approval guidelines for 2-4 unit communities. Many times these smaller communities do not have shared expenses, or have very few.

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.

The Federal housing administration published its policy guidelines and instructions that clarify the approval and recertification process for condo projects. The mortgagee letter provides an.

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Condominium project approval can be issued by FHA staff or by an FHA-approved mortgagee. Mortgagees meeting defined eligibility requirements are authorized to review condominium documentation, determine project eligibility and certify to compliance with section 203(b) of the NHA and 24 cfr parts 203 of FHA’s regulations.

Mortgage lenders are more stringent on condo loans than for single-family properties, and putting a specific unit in its best light means getting the building and its management into a favorable.

On the other hand, they recognize that recent FHA guidelines have put unreasonable requirements on condominium associations, including requiring them to certify certain facts, which, if wrong, could.

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