Get your condo FHA approved in Florida & New Jersey

Get your condo FHA approved in New Jersey

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..

Get your condo FHA approved in Florida & New Jersey

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
  

• 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 for (prefer audited, if not, need letter who prepared and association with HOA)

580 Minimum Credit Score

January 20, 2010 FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

The Federal Housing Administration insures FHA loans and did not used to require a minimum credit score. The new FHA policy changes requires a minimum credit score of 580 for 3.5% down payment.

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.

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)

Get your condo FHA approved in Florida & New Jersey

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