FHA temporarily eases guidance on condo approvals

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RATE SEARCH: Pre-Qualify for FHA Approved Condos. What are FHA Approved Condos? 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.

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FHA expects to have the Handbook completed sometime during 2015. At which time, I believe that the temporary guidance for condo project approvals as stated in ML12-18 will become permanent. Therefore, there is no need to extend the provisions in ML12-18 beyond the two-year period.

The FHA guarantees that if a homebuyer defaults on his mortgage, the agency will pay it. At least nine Manhattan condo developments south of 96th Street have sought approval for FHA. before.

The FHA Condo Approval list is the only official list released by HUD.. It is updated once a day, so there is a 24-hour lag for condos that become FHA Approved, and when they appear on the list.Because of this, make sure to check back daily to see any updates made by HUD to the fha condominium approval list.

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FHA Eases Condo Approval Guidelines – February 1, 2016 – In November of 2015, the FHA and HUD ran a press release on the official site (www.fha.gov) announcing temporary guidance making it easier to get a condo project added to the approved list for an FHA mortgage loan.HUD No.15-145 states that the FHA and HUD have "published new.

For example, if your lender needs guidance on a specific question about your. or reverse mortgages title 1 property improvement Loans Condos in projects that need to be approved by FHA Conforming.

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FHA has added temporary approval provisions for condominium project approval. Also, The VA has simplified its earlier guidance on determining Spousal Status. The VA product pages have been updated.