Condos becoming FHA no-lending zones – The agency has banned so-called “spot” loans and will only insure mortgages on units in condo projects that have passed a certification process that examines. the number of condo developments.
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HUD Approved Condos. HUD is the acronym of United States Department of Housing and Urban Development. The Federal Housing Administration (FHA) agency is a part of HUD that backs the popular FHA loans. The HUD/FHA also stipulates that FHA borrowers only use FHA loans to purchase FHA approved condos.
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HUD Archives: FHA PROPOSES NEW APPROVAL PROCESS FOR. – fha proposes new approval process for condominium developments Proposed rule brings back spot approvals; is intended to be more flexible, less prescriptive and more reflective of market conditions WASHINGTON – In response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new regulations.
· Condos must go through the FHA certification process before they can make it onto the approved condo list. Here’s what you need to know as a home buyer: You can only use an FHA loan to buy a condo if the development appears on the HUD/FHA approved condominium list.
Condos becoming FHA no-lending zones – Condominium boards, on the other hand, argue that some of FHA’s evaluation criteria are too strict and that the certification process is bureaucratic and. the number of condo developments approved.
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Buying a Condo With an FHA Loan – Blown Mortgage – · fha (federal housing Administration) allows for the financing of condos under its various loan programs. The guidelines and requirements regarding FHA condo approval have changed since February 1st, 2010. Currently, a condo project must have an approval in place before you can seek financing from a FHA lender.
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the hud – fha certification requirements what every condominium – document summarizes the changes in the fha condominium loan approval. process will have to apply for certification under the new requirements since spot .
What Is FHA Spot Approval? | Pocketsense – Many states have hundreds of condominium projects. FHA maintains a database of approved condominium projects to allow lenders the option of providing a "spot approval" when approving an FHA loan in a condominium development that had not received FHA approval. As of Feb. 1, 2010, FHA eliminated the spot loan approval process.
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