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how to get condo fha approved

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In order to get an FHA loan, the property must first be FHA-Approved. If you are looking to buy a property with an FHA Loan, one of the first steps is get the properties you are looking at approved by an FHA Appraiser.FHA Approval ensures that a property is safe, secure, and meets the HUD’s Housing Quality Standards.

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The federal housing administration (fha) agency is a part of HUD that backs the popular fha loans. The HUD/FHA also stipulates that FHA borrowers only use FHA loans to purchase FHA approved condos . Until December 7, 2009, the VA permitted military borrowers to use VA loan for condo purchases in any HUD accepted CID.

Home buyers considering financing a condominium with an FHA loan must verify that it complies with FHA approved condo requirements. Learn more about these requirements and how you can get an FHA loan for your condo.

In this case, the challenging factor was that the condo project was not FHA approved, a requirement for anyone wanting to get an FHA reverse mortgage.

How do you add value by using fha condo approval for your community? Learn the FHA condo approval requirements. Getting FHA certified.

Dear Robert, Yes, it is true that you need FHA approval of your condo association to obtain a reverse mortgage through FHA. To facilitate this, you may have to attend a board meeting and voice.

FHA approved condos are primarily residential condominiums that meet the property eligibility requirements and are eligible to be purchased using an FHA Loan. The FHA insures one unit condos in which you can get a 15 year or 30 year fixed-rate mortgage.

what is a fha mortgage FHA Loan Calculator with MIP. Check Your FHA Payment – FHA mortgage calculator definitions FHA is the loan of choice for thousands of first-time and repeat buyers each month. In 2016 alone, nearly 900,000 buyers used an FHA loan to purchase a home.

how to get condos fha approved? Asked by Jwag, Brooklyn, NY Sat Apr 7, 2012. I am thinking of buying a condo in an up and coming neighborhood. I found one at a great price but it is not FHA approved.

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See where to find FHA approved condos & townhomes in Santa Clarita.. the Renno's and see if needed, we can help you get your financing without using FHA!

Beginning October 15, FHA can consider condominiums for financing individually, even if the agency has not approved the condominium development overall. If the development has 10 or more units, FHA.