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FHA temporarily eases guidance on condo approvals

The FHA has issued a press release announcing temporary guidance that will make it easier to get a condo project added to the approved list for an FHA mortgage loan. According to HUDNo.15-145, the FHA/HUD, "published new guidelines under its condominium approval process intended to increase affordable housing options for first-time and low- to moderate-income homebuyers.

FHA condo approval guidelines: New Construction. New Construction also has its own FHA Condo Approval Guidelines. To gain FHA approval for a project that is still under construction, recently converted, or less than 12 months old, a special set of guidelines will apply.

FHA vs. Conventional Loans: Which is Better? [#AskBP 045] FHA temporarily eases guidance on condo approvals – The new guidance is effective for all project approvals or reconsiderations submitted for review going forward. To protect the dwindling emergency insurance fund, the FHA put stricter rules in place.

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FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an fha-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an.

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FHA will continue to maintain a list of approved condominium projects. Lenders will be required to retain all the project legal documents, contracts, conveyances, plats, plans, insurance coverage, presale and owner occupancy conditions and other documentation in connection with their review and approval of the condominium project. PROJECT APPROVAL

FHA Eases Condo Approval Guidelines.. FHA’s temporary guidance will streamline the agency’s condominium recertification process and expand the eligibility of acceptable ‘owner-occupied’ units to include second homes that are not investor-owned.

FHA Guideline Changes.. article in the Nov/Dec issue of Realtor Magazine entitled FHA revises Condo Rules and The Los Angeles Times article FHA eases burdensome condo financing rules by Ken Harney.. Bob – Great article! I don’t know if you knew this but Guaranteed Rate has a condo department that can help with Approvals for Condo.

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 · FHA Gives condo lending market reprieve.. HUD also announced that the temporary guidance guidelines issued last year is also administratively in the extension approval process. These guidelines require all Florida condos to go through HUD review and allow certain leniencies as well.. Labels: Condo Lending, condo loans, condo mortgage, fha.

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