The process of getting FHA Condo Approval generally takes between 2-4 Weeks.  Processing time will depend on:

• How quickly we receive the Condo Documents from the Management Company
• How eligible the community is, and what is needed to make them eligible
• The caseload at FHA at any given time (maximum 30 days).

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:

• Condo that has never been approved – $850
• One that has been expired over 6 months – $850
• One that is not expired, but is up for renewal soon – $765
• A condo that is expired, but for less than 6 months – 765
• Brand new construction less than 1-year-old – $1,500

The FHA certification will be good for 3 years.  During this time, anyone within the community can utilize the following:

• FHA Insured Loan
• Refinance with an FHA Insured Loan
• Reverse Mortgage or HECM Loan

To get started we will need a few things directly from the Condo Association.  This will include:

• Step 1 Questionnaire
• Some Documents related to the condo

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:

• The condo MUST allow leasing in the community or they will not be eligible
• The condo CANNOT have a Seasoning Clause in place
  • When a unit must be owner-occupied for 1 year before it can be leased
• Must fund a reserve/savings account, funded by at least 10% of their budget
• Board cannot have the power to approve of deny leasing, except to maintain a leasing cap

Not ALL communities will qualify for FHA Condo Approval.  Most issues we encounter can be fixed, but some cannot.