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HUD/FHA Approval For Condominium Complexes

It's Important for the Condominium Community to Be HUD/FHA Approved

The Feds changed the game.

The next step is to be HUD and FHA approved before your condominium community can provide FHA loans to your buyers. Once your complex is approved you must be re-certified every 2 years.

If your condo community is not HUD/FHA approved you're passing up on a lot of buyers.

For people who can't qualify for conventional loans the FHA loan program may be the answer.

Based on DQ News in April 2011 - 33.4% from the purchase mortgages used in 20 of the largest metro areas were FHA-Insured and also the November 2010 Realtors® Confidence Index reported that Nationally 39 percent of latest buyers obtained a home with FHA-insured loans.

In case your condominium community is not FHA approved you're missing out on a lot of potential customers. This can also affect current homeowners when they visit sell their unit.

For a lot of very first time house buyers qualifying for any conventional loan isn't possible. With the FHA you will find programs making it feasible for these people to obtain affordable financing.

The Benefits of the FHA Loan Program

- A minimal down payment

The FHA program lets buyers put as little as 3.5% of the cost down. As you can imagine this opens many doors for people that wouldn't otherwise be able to think of a conventional down payment.

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- Assist with settlement costs

Qualified applicants can also receive as much as 6% towards closing costs. This cuts down on the loan and deposit amount.

- Co-Signer requirements

Another area of the program enables a blood in accordance with co-sign. Why is the program different is when the home-buyers don't have enough credit to qualify by themselves a blood relative can co-sign without needing to live in the home that's being purchased.

With the aid of those benefits individuals with little credit, low and moderate incomes and very first time home buyers convey more possibilities to find affordable housing.

These types of people make up most of those buying homes. First time house buyers are usually the ones that are less qualified for conventional loans. Without having to be HUD approved your condo community won't be able to supply affordable financing from the FHA.

Recently HUD made drastic changes to their condo approval program. These changes jeopardize the availability of FHA loans for condominiums.

HUD Changes:

- Elimination of spot approvals

- Mandatory re-certification for projects approved just before October 2009

- Re-certification every 2 years

The elimination of spot approval may cause major concern and trouble for your condominium community. Spot approvals gave every condo community a way to assist people requiring FHA programs. Loans were decided on an when needed basis.

If you were counting on spot approvals to acquire financing for all those homebuyers that need FHA assistance that option is no longer available. You won't be capable of getting FHA help to buy a home in your community.

Now full HUD approval is needed for anybody wanting to use the FHA loan program.

If your condominiums have to be certified or re-certified now is the time to do it. It is anticipated there will be a boatload of applications to HUD for FHA approval within the next few months consider getting yours in now. First come - first served.