If you are looking to use an FHA Loan, or obtain a Reverse Mortgage within a condominium association, the entire complex will need to be FHA approved. By now, you have probably already determined that your condo (or condo of interest) is not FHA approved, so here are the basics about the FHA approval process.
We won’t know if a Condo qualifies for FHA approval until we review the documents, and bounce them off the guidelines.
We can advise you of the most common problems we face. Here are the “Show-stopper” issues we see:
The process of getting FHA Condo Approval generally takes between 2-4 Weeks. Processing time will depend on:
It is possible for us to rush the application process through our office, however, there is no way to expedite a file through the FHA.
The cost of FHA Approval depends on their current status with the FHA:
The FHA certification will be good for 3 years. During this time, anyone within the community can utilize the following:
To get started we will need a few things directly from the Condo Association. This will include:
For the Step 1 Questionnaire, please complete our Get Started Form so we may provide you some information related to your specific condo.
We won’t know if a Condo qualifies for FHA approval until we review the documents, and bounce them off the guidelines.
We can advise you of the most common problems we face. Here are the “Show-stopper” issues we see:
Not ALL communities will qualify for FHA Condo Approval. Most issues we encounter can be fixed, but some cannot.
Step 1
The Property Manager or Board Member completes our Eligibility Questionnaire. Our team reviews it to check if it meets the the FHA Condo Approval Guidelines.
Step 2
Our team reviews your application for issues that might conflict with the FHA Condo Approval Guidelines and recommend fixes that help your community get approved.
Step 3
Our team builds and submits your application to the FHA for approval on your behalf. The process takes 2-3 weeks and once approved, your certificate will be sent directly to you!