FHA-approved condo requirements. FHA-approved condos must meet specific HUD requirements outlined in their Condominium Project Approval and Processing Guide. The list of conditions is pretty extensive, but in general, an eligible project must: Be in compliance and good standing with state and local laws and regulations
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But on further study, officials with the Realtor group realized that the FHA included reporting requirements they didn’t expect. And it would be difficult for many condominium associations to meet.
ML 09-46 A allows exceptions to the FHA concentration and owner occupancy requirements until Dec. 31, 2010. HUD is also extending “Spot Loan Approvals” due to concerns about the condo market and the.
Minimum Owner-Occupancy Requirements FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects. FHA Insurance Concentration in Condominium Projects FHA will only insure up to 50 percent of the total number of units in an approved condominium project.
Freddie Mac Condominium Unit Mortgages For all mortgages secured by a Condominium Unit in a Condominium Project, Sellers must meet the requirements of the Freddie Mac Single-Family seller/servicer guide (guide) Chapter 5701, Special Requirements for Condominiums, and the Seller’s other Purchase Documents.
The bill, which has already cleared the House, would streamline the FHA’s certification requirements for condo projects, allow more commercial space in agency-approved condo buildings and relax.
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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:
FHA Loan Articles. FHA regulations for single family homes to be purchased with an FHA mortgage have occupancy requirements that prevent this. FHA loan rules state the borrower applying for a new purchase single family residence must use that residence as the primary occupant or as the "primary residence".
burdensome owner-occupancy requirements, and limits on the types of property insurance that are considered acceptable coverage under FHA’s rules. NAR has worked closely with the Department of Housing.