Florida News: FHA working on plan to approve more condo

21 Jul    Home Buyer News

Andre Brooks, vice president and regional sales manager for the bank’s Florida operation, said his company has made more than. insurance. fha loans also have a maximum and are available only to.

Condo loans are getting easier to get now that mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements. Find out what’s changed for condo buyers.

FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an.

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.

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The FHA does not approve condo projects in which more than 49 percent of the units are owned by investors.. More On Condos:. Bankrate.com is an independent, advertising-supported publisher.

How to jump through condo loan hoops. More than half of the condo units must be owner-occupied.. Condos that are not approved for FHA or Fannie Mae financing are known as "nonwarrantable.

FHA Project Approval (HUD Review and Approval Process only), or Fannie Mae Review through the streamlined PERS process (for established condo projects) Unit in a new or established two- to four-unit condo project

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If a property’s FHA approval is about to expire, will my sale be valid if I have an FHA case number assigned before the expiration? Asked by Ryan, Atlanta, GA Mon Mar 25, 2013. I am interested in buying a condo in a building that is FHA approved through 31 March 2013, but my closing date isn’t until April 17th.

If a community cannot get compliant because it fails to meet one of the threshold requirements by FHA, such as holding the appropriate fidelity or hazard insurance or if the community is mired in litigation, then the condominium should work with its professionals-lawyers, accountants and engineers, to cure the one or more areas causing the.

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