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HUD/FHA Approval For Condominium Complexes

It's Important for Your Condominium Community to become HUD/FHA Approved

The Feds changed the sport.

You now need to become HUD and FHA approved before your condominium community can offer FHA loans for your buyers. When your complex qualifies you must be re-certified every 24 months.

In case your condo community isn't HUD/FHA approved you are missing out on lots of buyers.

For people who can't be eligible for a conventional loans the FHA loan program is the answer.

According to DQ News in April 2011 - 33.4% of the purchase mortgages utilized in 20 of the largest metro areas were FHA-Insured and also the November 2010 Realtors® Confidence Index reported that Nationally 39 percent of latest buyers purchased a home with FHA-insured loans.

In case your condominium community is not FHA approved you're missing out on lots of potential buyers. This will also affect current homeowners once they go to sell their unit.

For many very first time house buyers qualifying for any conventional loan isn't possible. With the FHA you will find programs that make it practical for these people to obtain affordable financing.

The advantages of the FHA Loan Program

- A minimal down payment

The FHA program lets buyers put as little as 3.5% of the cost down. As you can imagine this opens many doors for individuals that wouldn't otherwise be in a position to come up with a conventional deposit.

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- Assist with settlement costs

Qualified applicants may also receive up to 6% towards settlement costs. This further reduces the loan and down payment amount.

- Co-Signer requirements

Another part of the program enables a blood in accordance with co-sign. Why is the program different is when the home-buyers don't have enough credit to qualify by themselves a blood relative can co-sign without needing to live in the house that's being purchased.

With the help of those benefits people with little credit, low and moderate incomes and first time home buyers have more possibilities to find affordable housing.

These kinds of people constitute a large part of these buying homes. Very first time house buyers are often those that are less qualified for conventional loans. Without being HUD approved your condo community won't be able to supply affordable financing from the FHA.

Recently HUD made drastic changes to their condo approval program. These changes jeopardize the supply of FHA loans for condominiums.

HUD Changes:

- Removal of spot approvals

- Mandatory re-certification for projects approved prior to 2009

- Re-certification every 2 years

The elimination of spot approval can cause major concern and problems for your condominium community. Spot approvals gave every condo community a way to assist people requiring FHA programs. Loans were decided on an as needed basis.

Should you be counting on spot approvals to acquire financing for those homebuyers that need FHA assistance that option is no more available. You won't be capable of getting FHA help to buy a home within your community.

Now full HUD approval is needed for anybody wanting to use the FHA loan program.

If your condominiums need to be certified or re-certified this is the time to do it. It's anticipated there will be a boatload of applications to HUD for FHA approval over the next few months consider getting yours in now. First come - first served.