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Since that time, we have had to have every condominium project on the HUD approved list or we could not do an FHA insured loan on the property (which included the HUD HECM reverse mortgage). If the management company is telling you 8 years after the spot approval has been gone to get a spot approval, they are either way behind the curve or are.
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The Federal Housing Administration (FHA) has published new guidelines for an updated condominium approval process, responding to a strong demand for affordable housing nationwide. Included in the.
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What is an FHA "Spot Loan" and Why Can’t I Get One? fha spot loans were mortgage loans that were allowed in condominium projects that were not on HUD’s approved condominiums list. The lender had the ability to approve a single loan on a condominium unit in a project that was not approved by HUD without the whole project having to get approved.
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 Approval for Single-Family Condominiums , implements changes to condominium project approvals that FHA believes will be more flexible, less prescriptive, and more reflective of the current market.
To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) "spot" approval. Full project approval means that FHA has already done the approval on the entire condominium.
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What Are FHA-Approved Condos? FDA-approved condos are condos that meet the US Department of Housing and Urban Development (HUD)’s property eligibility requirements. If you want to buy a condo using an FHA loan, the condo must meet these requirements and be included on the FHA Condominium Approval List. Condo associations must apply to have.
Because of the volatility of the condominium market, the Federal Houston Administration (FHA) requires that condominium projects receive approval prior to closing with an FHA mortgage. Many states have hundreds of condominium projects. FHA maintains a database of approved condominium projects to allow lenders.