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FHA Condo Approval - New Construction Strategy: Legal Phasing - 03/25/11 05:16 PM
FHA Condo Approval - New Construction Strategy: Legal Phasing One of the items that HUD reviews when doing condominium project approvals has to do with legal phases. This is a VERY important concept for any developer who is looking to build a condominium project. Once a condominium project becomes approved with HUD, there is a pre-sale requirement of 50% before the first FHA loan may be used to purchase a unit. This means that at least 50% of the units in the project must be sold prior to a unit being eligible for FHA financing. [Incidentally, Fannie Mae requires that 70% (1 comments)
FHA Condo Approval Process - 03/23/11 07:43 AM
FHA Condo Approval Process Prior to 2011, I was a mortgage loan originator. The FHA Condo Approval Process is very similar to the processing of a mortgage application. Typically, I am in contact with a member of the Condominium Association's Board of Directors, a unit owner or the complex's property manager. When speaking with this person for the first time, I ask him/her some very basic questions about the condominium complex such as: Is the project complete? If not, are there legal phases? How many units are there? How many units are owner-occupied? Does any one entity own more than 10% (3 comments)
FHA Condo Approval - Another Project Approved - 03/23/11 07:25 AM
FHA Condo Approval - Another Project Approved Here is an actual letter that I received from Brian W. I was contacted by Brian in 2010 to aid him in gaining approval for his condominium project with HUD. By the time Brian had contacted me, he had certainly done his research and was the most informed client with whom I have worked. He had much of the information but he didn't know what to do with it. That's why he contacted me. This is what he had to say about working with me. To Whom It May Concern: After my condominium had (1 comments)
FHA Condo Approval - FHA Loans Are NOT Affordable Housing - 03/18/11 09:43 AM
FHA Condo Approval - FHA Loans Are NOT Affordable Housing An article that I wrote yesterday regarding HUD's ruling on condominium projects with Affordable Housing sparked a question from a condominium association. I was asked "why does having Affordable Housing rule out a complex for FHA financing when FHA financing is meant to help people to obtain Affordable Housing?" I think that the basis of this question is rooted in the confusion between HUD and FHA. HUD and FHA are sometimes used synonymously, even though they are not the same thing. FHA is the part of HUD that provides mortgage loan insurance (1 comments)
FHA Condo Approval - HUD Amends Affordable Housing Rule - 03/17/11 05:48 PM
FHA Condo Approval - HUD Amends Affordable Housing Rule In working with a condominium association in Boulder, CO, to recertify their HUD Condo Approval, we ran into a snag. The project was initially approved with HUD in 2004. The recertification package was sent to HUD near the end of November 2010 and the project was recertified on January 12, 2011. I notified my contact in the condo association, Linda, of the recertification; she was thrilled! About a month later, Linda sent me an email stating that one of the unit owners was attempting to refinance his unit in the complex with (2 comments)
March 31 FHA Condo Approval Expiration - 03/17/11 04:38 PM
March 31 FHA Condo Approval Expiration If your condominium project was initially approved with HUD between 1986 and 1990, then its approval expires at the end of this month. This also means that since your project was initially approved with HUD prior to 1/1/2000, it will need to undergo a complete project approval. Condo projects approved on or after 1/1/2000 qualify for a streamlined recertification which requires far less paperwork. Depending on to which Home Ownership Center (HOC) your are submitting, HUD's processing time is varying from 2-6 weeks. As the March 31 deadline approaches, I would gather that the processing (0 comments)
FHA Condo Approval Expiration Dates - 03/16/11 08:07 AM
FHA Condo Approval Expiration Dates As noted earlier, all approved condominium projects must now be recertified by HUD every two years. The purpose of this is so that HUD can monitor the dynamics in a condo complex to verify that its risk level does not exceed HUD's threshold. Projects that were approved after 1/1/2000 only have to go through a streamlined recertification process. This requires far less paperwork than full approvals. Projects that were approved prior to 1/1/2000 have to go through the full approval process, almost as if they were never approved in the first place. Initially, HUD had placed (2 comments)
FHA Condo Approval or HUD Condo Approval? - 03/15/11 11:36 PM
I have noticed that HUD and FHA have been used synonymously when referring to condominium complex approvals. I wanted to clear this up. Technically speaking "HUD Condominium Approval" and the "HUD Condominium Approval List" are what we are actually talking about. The Department of Housing and Urban Development, HUD for short, is the government entity that maintains the approved condominium list. Many people think of HUD as the entity that provides affordable housing, low-income rentals and subsidized housing. While HUD also does all of these, as mortgage and real estate professionals, we are primarily concerned with the part of HUD that (4 comments)
How Can I Find if My Condo Is FHA Approved? - 03/15/11 11:24 PM
How Can I Find if My Condo Is FHA Approved? HUD maintains a list of approved condominium projects on its website. You can find the search tool here. This is what the search screen looks like:
It is easy to use but it doesn't give you as much leniency as a search engine like Google does. If you spell the condo name wrong or input an incomplete name, you are not likely to find what you are looking for. Typically, when I use this search, I don't change any of the defaults (as they appear above) and only select the state from (6 comments)
Why Should My Condo Complex Become FHA Approved? - 03/15/11 11:23 PM
Why Should My Condo Complex Become HUD-Approved? This is a question that I have heard from several different people recently, and it is a valid question. There are MANY reasons for obtaining a HUD approval for your condominium complex and I will discuss them here. [Side Note: I am in Connecticut so I may use some details that pertain only to Connecticut although many states have similar loan programs. The vast majority of the information here is applicable throughout the country.] The majority of the condominiums in my neck of the woods are in the $100,000 - $250,000 price range. The (0 comments)
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