Florida FHA refinance condo

Thinking of refinancing your Condo? Do you need a Florida FHA refinance Condo loan?

If the Condo Project is not FHA approved we can get the Condo Project FHA approved.

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.

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.

Minimum credit score

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

New FHA policy changes require a minimum credit score of 580 for a 97.75% loan-to-value rate & term refinance.

FHA cash out refinance allows up to 85% of the value of the property with a minimum credit score of 580 using a Condominium Project Direct Endorsement Lender Review and Approval Process.

The cash out from your refinance can be used for any of the following:

* Home Improvements
* Bill Consolidation
* Large Purchases
* Investments
* Schooling
* Vacation
* Cash

Florida FHA refinance 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)

Florida FHA refinance condo

HUD allows the lender to approve the Condominium Project.

Apply Now!

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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.