getting a condo fha approved
you can get in with a down payment of 3.5%. FHA approval depends on the financial health of the condo, so the condo association needs to prove that they have adequate insurance, a budget with reserves.
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FHA or VA Approval. If you’re getting an FHA or VA loan, the FHA and VA take much of the guesswork out of whether the condo complex can be approved. They handle it with an approval list. Therefore, if you’re getting a condo financed through either of these administrations, it’s important to make sure your complex is approved.
· The trouble with Condos you have to look into the association, my friends had a pre approved loan and a good downpayment on a great condo, then the bank informed them that the associations are aloud 10% in the bank this association only had 3% meaning they wouldn’t have enough for maintenance and repairs and could go bankrupt very soon , bank told them, go buy a house instead.
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FHA Approved Condo List: HUD requires the condo to be listed on its FHA approved condominium list. If the condo is not on the list, the borrower will need to seek conventional financing. If the condo is not on the list, the borrower will need to seek conventional financing.
Condo Approvals USA is the premier fha condominium approval processing company servicing homeowner associations (HOAs), property management companies, and developers nationwide in processing their condominium complexes for FHA and VA approval and recertification. The company provides systematic, timely and expert processing and consulting services under the current HUD and VA guidelines.
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Then we'll discuss what you need to know to actually get approved.. For USDA loans, condos on either the FHA or VA list will be able to move.
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.
Today, there are two ways to get a condo project approved. HRAP stands for hud review approval process. This is where FHA itself approves a complex based on the package sent in by the condo’s governing body, usually the homeowner’s association or management company.
Home buyers considering financing a condominium with an FHA loan must verify that it complies with fha approved condo requirements. Learn more about these requirements and how you can get an FHA loan for your condo.