FHA condo

FHA condo


In accordance with the passage of the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Administration (FHA) is implementing a new approval process for condominium projects and insurance requirements for mortgages on individual units, as authorized under Section 203(b) of the National Housing Act.

December 7, 2009 FHA will now allow lenders to determine project eligibility, review project documentation, and certify to compliance with Section 203(b) of the NHA and 24 CFR 203 of FHA’s regulations. 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..

FHA condo

The following documentation is required for Condo Project Approval:

  • Declaration of Condo Ownership
  • Covenants, Conditions and Restrictions (CC& R's) 
  • Articles of Incorporation
  • Adopted Bylaws
  • Ground Leases (only if not fee simple)
  • Site Plan (only if new construction)
  • General Plan of Developement (only if new construction)
  • Location Map
  • Floor Plans
  • Proposed or Actual Budget for 2016
  • Reserve Study (only if we determine we need)
  • Management Agreement
  • Fema Flood Map
  • Condo Questionnaire
  • Walls In homeowners policy
  • Master Insurance Policy
  • 2yr Budget/Financials (prefer audited, if not, need letter who prepared and association with HOA)

Minimum credit score

To qualify for an FHA loan for a Condominium Project using Direct Endorsement Lender Review and Approval Process you will need a minimum credit score of 580.

HUD allows the lender to approve the Condominium Project.


Apply Now!

Call us 888.958.5382


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO
LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Mortgage Rates August 5

    Aug 05, 24 04:10 PM

    Mortgage Rates August 5, 2024. Rates have gone down recently. Lower rates equals lower mortgage payment.

    Read More

  2. Mortgage Rates August 5 2024

    Aug 05, 24 03:55 PM

    blog.png
    Mortgage Rates August 5 2024

    Read More

  3. Today's FHA Rates 5.00% & 5.875% Conventional Minimum 700 Credit Score

    Aug 05, 24 03:48 PM

    Today’s historically low 30 year fixed interest rates make now the perfect time to purchase a new home or refinance To be approved at the lowest mortgage rates, you do not need to have the highest cre…

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

Condo not FHA Approved?


Apply Now!

Call 888.958.5382

E-mail Us!


On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:

  • New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program

DELRAP

Direct Endorsement Lender Review and Approval Process.

This option is only available to lenders who have unconditional Direct Endorsement authority and staff with knowledge and expertise in reviewing and approving condominium projects.

This means that if the Condo Project is not approved we can get the Condo Project approved.


Call Now, Our Staff is Available

888-958-5382

Apply Now!