Florida News: FHA working on plan to approve more condo

To get a reverse mortgage against your condo, the entire complex must become FHA-approved. HUD/FHA changed the rules in 2009-2010 to make it more challenging to get financing against a condo. I’d be more than happy to speak with your association contact to discuss the possibility of applying for FHA-approval.

FHA working on plan to approve more condo mortgages. Leave a Comment / Services / By Home Junction.. "We’ve been in the process of revising our condominium project approval requirements to get to a final rule and update our policies.. The good news is that in today’s economy, we have.

This allowed reverse mortgage lenders to fund FHA loans in condominium projects not previously approved without having to get the entire project submitted for approval if the reverse mortgage lender was willing to make a relative few certifications. HUD also could not already have more than a 10% concentration in the project.

If you’re hoping for an FHA-insured mortgage for a condo purchase your lender will also check on the condo community’s FHA approval status. If you want your HOA to seek FHA approval, work with.

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Also, just because FHA says you can get a condo loan does not mean the lender you have chosen will agree to fund such a loan. Further, to complicate matters the other direction, just because a condo complex is absent from the approved FHA condo list does not mean the lender won’t accept a "spot appraisal" and approve it, because the lender might.

Condo loans are getting easier to get now that mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements. Find out what’s changed for condo buyers.

I need to replace windows in two rooms in my condo with impact resistant glass. Since I had rotator cuff repair surgery last October my doctor wrote a letter asking the association to allow me to have one panel as a sliding window instead of the single hung required by the association.

Buying a condominium often means you have to put up with a few extra challenges when it comes to qualifying for a condo mortgage. Read more about this.. What’s Different About Getting a Condo Mortgage?. which limits the number of FHA-approved condominiums that are available on the market.

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