Community Associations Institute (CAI) applauds the actions by the U.S. Department of Housing and Urban Development (HUD) to streamline the Federal Housing Administration’s (FHA) condominium project approval process.
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Associations can obtain FHA approval in one of two ways. One option is to work through a lender if the association already has a potential buyer of a unit to push the process forward. Certain lenders are eligible to certify condominium associations under the direct endorsement lender review and Approval Process, or DELRAP.
“With the FHA streamlining their approval process for condo complexes, FHA financing will become more widely available to.
· Don’t Discount The Importance of FHA Approval. The endorsement of the FHA for condo associations matters, both to buyers and to sellers. If you are selling, you want top dollar for your property. If you are a buyer, you want the best you can buy for the money.
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The New fha condo rules. The Department of Housing and Urban Development official site announced new FHA condo loan rules in August 2019 that make it easier to purchase a condo unit, especially for condo projects not added to the FHA approved list.
The changes include a new single-unit approval process to make it easier for individual. removing those limitations. The National Association of Realtors has long advocated for changes to the FHA.
In these cases, the approval process for FHA approval is simple. The association will still need to provide all documents from above, but they will also submit the VA or Fannie Mae approval letter. In these cases, an on-site inspection is typically all that is necessary to obtain FHA approval. FHA 203K Condo Approvals
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.
FHA Certification is achieved through the condominium approval process known as HUD Review and Approval Process (HRAP). It can be a time-consuming and confusing endeavor. We specialize in clarifying the complexities of the process to make it simple and successful for your community.