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fha condo approval process

Real Estate Business Services Inc., a subsidiary of the California Association of Realtors, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance.

Until 2009, condo associations kept their FHA approval indefinitely. also must ease the recertification process to make it less burdensome and consider making certification terms longer. Many of.

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RISMEDIA, July 7, 2011-The Federal housing administration (fha) recently published updated condominium policy guidelines and instructions that clarify the approval and recertification process and.

New Construction also has its own FHA Condo Approval Guidelines. To gain FHA approval for a project that is still under construction, recently converted, or less than 12 months old, a special set of guidelines will apply.

Condominium project approvals will expire two years from the date of placement on the FHA-approved condo list. Every two years the project needs to be re-certified to confirm that it is still in compliance with HUD requirements. The recertification process can start six months prior to the expiration date until six months after the expiration date.

New FHA Approval Process for Condos If you want a good thrilling read, here is the actual document from the FHA about the new condo approval change. I glanced through some of it, however most of what I will summarize here is from this press release and some of my own research from statements made by the FHA.

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FHA Mortgage Approval Process, by the Numbers. The path to an FHA approval can be long and winding. Some borrowers sail through it with no issues whatsoever, while others encounter one obstacle after another. In most cases, the fha loan-approval process includes the following five steps: Pre-approval, application, property appraisal.

FHA provides lenders two options when approving condominiums. The Housing and Urban Development (HUD) Review and Approval Process (HRAP) requires HUD to review all the documents for the condominium project and permanently approve the condominium project. This has always been the process for HUD approval of condominiums.

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