Project approval is required in order to obtain FHA, VA and Fannie Mae financing for condominiums. Since 1988, US Approvals has provided project approval application processing for FHA, VA and Fannie Mae on behalf of Homebuilders, Mortgage Lenders, Homeowner Associations (HOA’s) and Investors nationwide.
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On August 14, 2019, the U.S. Department of Housing and Urban Development ( HUD) released the long-awaited final rule on project approval.
FHA is an agency within the Department of Housing and Urban Development (HUD). It insures home loans funded and serviced by HUD-approved banks, credit unions, and mortgage lending companies.
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New condominium approval guidelines proposed by the Federal Housing Administration this week could make it easier for older condo owners to obtain a reverse mortgage. The proposed rule, Project. more Spot Approvals Included in Proposed Condo Guidelines
FHA-approved condominium projects require recertification after two years to ensure that the project is still in compliance with FHA’s eligibility requirements and that no conditions currently exist which would present an unacceptable risk to FHA. For existing condominium projects seeking recertification, FHA will now only require applicants to submit documents reflecting any substantive changes since the project’s prior approval.
As part of the new FHA condo rules, reverse mortgage lenders have two condominium project approval processing options. The first is HUD’s Review and Approval Process (HRAP), which is currently taking.
Currently many condominium loans (50%+) are FHA loans b. They are. The individual submitting the project approval certification must certify that i. To the best.
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That will give you a choice of far more condominium projects than you will find on the FHA list of approved projects. Ask the condo association or your lender to get FHA approval. Though it never hurts to ask, this idea will likely be shot down quickly. It takes reams of documentation, and weeks of review by the FHA, for a project to be approved.
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Today, there are two ways to get a condo project approved. HRAP stands for HUD Review Approval Process. This is where FHA itself approves a complex based on the package sent in by the condo’s governing body, usually the homeowner’s association or management company.