condo fha approval process

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FHA Condo Approval Process. We are an Austin based consulting firm specializing in obtaining formal certification for Texas condominium communities to participate in the mortgage insurance programs offered by the HUD’s Federal Housing Administration (FHA), the Federal National.

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Major Change with FHA Condo/Townhome Approval Direct Endorsement Lender Review and Approval Process (DELRAP) for lenders with unconditional Direct Endorsement authority and qualified staff for reviewing and approving condominium projects. When a condominium project is approved through the HRAP/DELRAP approval method, a unique seven-character Condo ID is issued for the project.

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HUD Response: HUD recognizes that mortgages secured by condominiums currently perform better than non-condominium secured mortgages, while noting that prior to FHA’s approval process in 2009, the opposite was true. In order to achieve the appropriate balance between meeting the housing needs of the borrowers FHA’s mortgage insurance programs.

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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.

Information that HUD is proposing to collect for this process is currently open for comment through the Office of Information and Regulatory Affairs (OIRA) under the Office of Management and Budget (OMB). "If the Unit is in a Condominium Project that is not currently approved but has an FHA Condo ID, the Mortgagee will have to enter the FHA Condo ID when the fha case number is requested.

The required Federal Housing Administration (FHA) approval process for condominiums has been a consistent thorn in the side of the reverse mortgage business. Because it is the full condo complex that is required to have FHA approval, lenders have to approach each un-approved complex’s association.

FHA approved condos. fha approved condominiums meet the mortgage insurance guidelines of the Federal Housing Administration and are eligible for FHA mortgage financing. They generally feature a high concentration of owner-occupied units, a strong condo association balance sheet, and are free of litigation.