why are condos not fha approved

If your condo building is not FHA approved, why not? : HOA – To be FHA approved, a condominium association must have reserves that are 20% of the budget, cannot have more than 10% delinquency, and must be at least 65% owner occupied.

Why are some condo's fha approved and some not? – Trulia – Hi Dennis, FHA has very strict guidlelines on condos to get them on their approved list. They look deeply at the financials of the condos (amount of reserves, general finances) and also look at the percentage of owner occupied units.

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What Makes a Home FHA Eligible? – An FHA appraisal is the primary means for denoting a home’s value, condition and deficiencies. Conducted by a HUD-approved appraiser, it involves an interior and exterior inspection of the home and is.

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How Do You Know if a Condo Is FHA Approved?| RealEstate.com – If you will be using an FHA-backed loan and you’ve decided to purchase a condo, don’t set yourself up for disappointment by viewing condos that aren’t approved. To make sure the condo you are about to tour is approved, search for FHA-approved condos on HUD’s website.

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How To Jump Through Condo Financing Hoops – Bankrate.com – Wilburn says condo buyers should start by checking to see if a building is approved for FHA loans. If not, they can ask the lender to see if the building meets Fannie Mae and Freddie Mac guidelines.

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Why you Need to Worry about FHA Approval on Condos – This is why the FHA wants 50 percent of the condos to be owner occupied in order for the association to receive FHA approval.. If any of these requirements are not met, you will not be able to get the association approved and will not be eligible for FHA financing. In general, any financing.

Will FHA Rule Change Benefit Condo Market? – RISMEDIA, November 16, 2009-(MCT)-The Federal Housing Administration (FHA) is giving the condo market something it hasn. mortgage loans for spot approval in buildings that have not been approved.

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Should home sellers reject homebuyers who plan to get FHA loans? – When the condo association isn’t on the FHA’s approved list. When the appraisal is low. "From a seller’s perspective (the question is), ‘Why is the buyer going with FHA and not a conventional loan?.

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