Get pre-approved for an FHA condo here. fha credit score guidelines. borrowers must have a minimum credit score of 500 to qualify with a 10 percent down payment. For borrowers with a credit score of 580 and above may qualify with a 3.5% downpayment.
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FHA home requirements state that FHA-approved condos and homes must be safe, sound and secure to qualify for an FHA loan. Appraisers decide if minimum FHA property requirements are met.
In order for the FHA to make a loan in a condominium project, the project itself must first be approved by the FHA. Unfortunately, only a small number of condominium projects in any given market area appear on the FHA list of approved condominiums.
To approve an existing VA-approved condo, the FHA requires: The VA project approval letter (VA Letter 26-619), plus a brief description of the project. Condominium legal documents. Certification from the association that the building meets 51 percent owner-occupancy requirements.
Condominium project approvals will expire two years from the date of placement on the FHA-approved condo list.
The US Department of Housing and Urban Development issued new condominium lending guidelines that go into effect Dec. 7, 2009. However, the agency is making several temporary exceptions to the new.
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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.
What do buyers and sellers need to know about fha condo approval requirements. How does not having FHA approval for condominiums hurt.
New FHA policies won’t make homeownership more affordable. Upon careful consideration, it’s this author’s opinion that new HOA/condo industry driven fha guidelines are bad policy. First of all, it’s deceptive and misleading to sell condos as an "affordable" entry into homeownership.
Though the guidelines for condos to become eligible for FHA approval span a 95 -page HUD Condominium Project Approval and Processing.
On Wednesday, the Federal Housing Administration issued new guidelines for condominium project approval. Before the recession, condominium projects could obtain FHA certification, in whole or in part, and that certification did not expire.