My condo complex decided to not renew FHA certification due to the red tape/cost, so there’s not necessarily something ‘wrong’ if a condo is no longer FHA approved. I’ve heard it can take anywhere from 30 – 90 days, but perhaps one of our friendly neighborhood real estate agents may be able to chime in with more info.
If all is in order, the approval process goes very quickly according to HUD’s senior public affairs specialist Brian Sullivan. “(FHA approvals) Increase the marketability of condominiums,” said.
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If the condominium is not on these lists, do not despair. Take note that, in Florida, very few condos are on the approved lists. For example, in Miami-Dade County, there are only seven FHA-approved.
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.
This restriction alone is a major reason why more condominiums are not FHA approved. Though a builder or developer may have a strong incentive to get FHA approval, they are prevented from doing so in the early stages of development-when that approval would be most beneficial-by the fact that the project is not complete.
The Federal Housing Administration (FHA) has published Mortgagee. units to include second homes that are not investor-owned. These provisions will expire in one year and serve to revise FHA’s.
FHA Approved Condos in Midtown Atlanta have dramatically. include information/listings in the Mayfair Tower which is NOT FHA Approved.
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Many associations cannot qualify, others do not need FHA loans for their members, and still others are unaware of the requirements. HUD’s web site www.hud.gov lists 3,465 California condominium.
Additionally, the general lack of condominium complex approvals from FHA limited the scope of the reverse. a lot of those developments that HECMs were just not reaching.” While the new single-unit.
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The FHA requirements were less severe, but there were not a lot of. To get a right condo in Jersey City, we were looking for the following:.