The first issue is whether your condo has been approved for conventional (Fannie Mae or Freddie Mac) or FHA financing. Approval is required. If it is approved, your condo refinance can go forward.
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There are reasons why. FHA will not include a technical trid compliance audit when performing their regular quality control reviews (fha Pass).This moratorium is set to expire on April 16, 2016.
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She wrote to owners that we are a condominium development, “which means the entire development would have to be approved. not in the association’s best interest to apply for the approval. We.
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A condo may not be FHA-approved because it does not meet the agency’s requirements. The financial crisis increased the number of such condos by increasing the delinquency and foreclosure rates of residents, which reduced the incomes of condo associations.
“Most lenders aren’t equipped” to perform a full project review, which involves “legal review of the condo documents” and other tasks that can be costly and time-consuming, he said. The result: Some.
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Why Get FHA Approval – FHA Pros – Until recently, spot approval enabled an FHA loan for a single condominium or townhome unit to be possible even if the entire development was not fha approved. fha eliminated spot approval on February 1, 2010.
A condo may not be FHA-approved because it does not meet the agency’s requirements. The financial crisis increased the number of such condos by increasing the delinquency and foreclosure rates of residents, which reduced the incomes of condo associations. FHA Approved Condominiums.
The proposal would open the door for the FHA to do so-called spot approvals, in which the agency could finance individual units in a condo building that has not been certified or approved for agency. If the condominium is not FHA approved, the condo association may be willing to go through the fha-approval process. gaining fha approval would.
My condo complex decided to not renew FHA certification due to the red tape/cost, so there’s not necessarily something ‘wrong’ if a condo is no longer FHA approved. I’ve heard it can take anywhere from 30 – 90 days, but perhaps one of our friendly neighborhood real estate agents may be able to chime in with more info.