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As a result, condominium communities now must have Federal Housing Administration (FHA) certification if they’re to be eligible for FHA-backed financing on individual units. These restrictions.
FHA loans, which require a 3.5 percent down payment and have generally looser credit requirements. which means more condo units in mixed-use developments will be eligible for FHA loans. ·.
FHA approval, which is also referred to as FHA "certification," will expire two years after a community is placed on the FHA list of approved condominiums. However, a condominium can recertify for another two years by submitting a request that verifies the community still meets the approval requirements.
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You can use an FHA-backed loan to finance a condominium, but only in you live in an fha-approved condo. condo property values tend to fluctuate more than other types of real estate, and, consequently, lenders and insurers, like the FHA, only finance or insure mortgages on condos that meet certain guidelines.
The FHA has a large number of very specific requirements that must be met in order to approve a condominium project for lending purposes. This is a complicated process – you can read the official FHA article about condo requirements here – but here are the basics:
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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.
The Condominium Project Approval and Processing Guide (Guide) is designed to provide the Federal Housing Administration (FHA) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)
Giving each condominium property an additional 12 months of approval plus a six-month grace period for submitting re-certification materials will reduce costly and time-consuming efforts condominium associations face to maintain FHA approval. In addition, condominium associations will continue to be able to submit an updated re-certification.