Dear Robert, Yes, it is true that you need FHA approval of your condo association to obtain a reverse mortgage through FHA. To facilitate this, you may have to attend a board meeting and voice.
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You can use an FHA-backed loan to finance a condominium, but only in you live in an FHA-approved condo. Condo property values tend to fluctuate more than other types of real estate, and, consequently, lenders and insurers, like the FHA, only finance or insure mortgages on condos that meet certain guidelines.
FHA Condo Approval For Buyers. There are many reasons to choose an FHA approved condo, not the least of which is the possibility of a small down payment loan. FHA approval requires adherence to some quality control requirements that few associations can meet.
they are being deprived of a benefit that other people can get, and it’s really not fair,” he said. Potential borrowers are often told by their condo associations the building is FHA-approved,
how to read a hud1 hud read 1 – Rustystarcattlecompany – But people should read the entire [manifesto] in its entirety." 1.48pm GMT. How to Read and Understand the HUD Settlement Statement – Previous Post. According to RESPA, "A preliminary copy of a HUD-1 Settlement Statement is required if the borrower requests it 24 hours before closing."
they are a great contact for agents and their buyers to quickly get the information and paperwork needed for approval,” she said. NAR has advocated reforms to ease FHA’s burdensome condo financing.
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Of the several new requirements, there are four that most directly affect people who want to buy condos with FHA-insured mortgages: "Spot approvals" are eliminated, and now the entire project has to.
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An FHA condo approval can be a big deal to a lot of people involved. To the borrower who doesn’t have a lot of extra cash hanging around and doesn’t have such a stellar credit history, it means they can get an FHA mortgage that only requires 3.5 percent down.
How do I get my condo FHA approved? I am selling my condo and I want potential buyers to be able to use an FHA loan if they need to. The condo complex has 8 units and used to be apartments and then was converted into condos.
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Condo buildings already approved by the Department of Veterans Affairs for buyers using VA loans get fast-tracked through the FHA condo approval process. To approve an existing VA-approved condo.