What Information Do I Need for an Existing FHA Condo (DELRAP) Approval????
If you are interested in an existing condo and you will be using FHA financing, the project must be FHA approved. To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website. There are a variety of ways to search to a project.
Should you not see your community on the list, Prospect Mortgage is an approved DELRAP lender. HUD only grants DELRAP authority to direct lenders that it has deemed to have significant condo project approval experience. At Prospect Mortgage, we can determine whether or not the project meets FHA eligibility.
Here you will find a checklist of what will be required to determine FHA project eligibility for an existing condo development:
Completed and signed HOA Condo Questionnaire
- Recorded Plat Map indicating Legal Description
- Recorded Covenants, Conditions, and Restrictions (CC&R's)
- Signed and Adopted Bylaws
- Articles of Incorporation as filed with the State
- Plan/Evidence of transfer of control from the builder to the homeowners (if applicable)
- Proposed or Actual Budget (FNMA Form 1073A may be used in place of the budget)
- Management Agreement (If professionally managed by a company)
- Confirmation of no Notice of Termination of Management Agreement
- TIN (Taxpayer ID #) for HOA
- FEMA Flood Map
- Confirmation of existence of any outstanding or pending litigation
- Confirmation of any pending Special Assessment Analysis
- Reserve Study (If applicable)
- Fidelity Bond / Fidelity Insurance for any projects of 20 + units
- Liability Insurance
- Hazard Insurance - Master blanket policy
- Certification of Insurance for HO-6 coverage
- Flood Insurance (If the project is located in a flood zone)
Once all of the required documentation has been received, the project can be submitted for DELRAP approval. Actual turn times will vary based on volume, but most projects should be able to be approved in 1- 2 weeks.
There are condo project located all throughout Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega, Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton, Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more cities.
For more information on FHA condos, please call (404) 591-2453.
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