In this blog post I will try to answer all FAQs related to FHA condominium project approval. Beginning this year, FHA made some major changes to the Condominium process. I have done a lot of speaking on this topic and have written several blog posts. In this post, I am trying to get the most frequently asked questions and answers to those questions in one post:
Where can I go to find if the FHA project is already approved?
Go to FHA Condominium page to check if a project is approved with FHA. You can also check for all the approved projects by State, City or Zip code. Make sure in the “Approval Method” you pick “HRAP/DELRAP”.
What are the documents required to obtain project approval?
Click here to download the FHA mortgagee letter and scroll down to page # 16 to get a list of documents required for project approvals on condos which are either proposed, existing or converted. The same document also talks about the eligibility parameters of condominiums for FHA approval. Be sure to read the other mortgagee letter that gives some respite in the guidelines till Dec 31, 2010.
How much time it would take to get a Condominium project FHA approved?
FHA in a notice sent on 4/9 mentioned that processing time for condo project is approximately 30 days from the receipt of a complete application.
Where can I go if I have more questions?
You can email to a dedicated mailbox at FHA at CondoProjectApprovalInquiries@hud.gov. The response time can exceed 72 hours.
You can also go to FHA page for frequently asked questions on condominium project approval.
And of course, you can always contact me by email at shashank@arcuslending.com.
Condominium living is gaining in popularity among buyers due to the great benefits it offers. Condos are among the most practical and affordable homes available, while maintaining a sense of luxury living as well. Living in a condo is the best way to get ownership of a desirable home at a very reasonable price.