why would a condo not be fha approved

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About VA & FHA Condo Approval – fhareview.com – To buy a condominium with an FHA loan, the entire condo must be approved by HUD. FHA financing is much easier to qualify for than a traditional mortgage because the guidelines are more flexible. A downpayment of just 3.5% is required, much less than conventional mortgages require.

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Is your condo New Jersey FHA approved? Find out here – NJ. – Why does it have to be FHA approved? Because FHA provides a government guarantee to banks who write loans to their guidelines, the banks are willing to offer loans to people who might not otherwise qualify for a conventional loan.. If you are selling a condo, your condominium complex must be FHA-approved before a buyer can obtain a home loan.

Why are some condo's fha approved and some not? – Trulia – Hi Dennis, FHA has very strict guidlelines on condos to get them on their approved list. They look deeply at the financials of the condos (amount of reserves, general finances) and also look at the percentage of owner occupied units.

Trying to sell out in Long Island City – Long Island City developers may be dealing with the consequences of unleashing a wave of new condos into an untested market, but the damage there is not as bad. That is why we are getting all of.

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Condo Association not FHA approved – able2know – Condo Association not fha approved. forums: Housing Email this Topic Print this Page . Linkat . Reply Mon 5 Oct, 2009 09:50 am From a neighbor that is trying to sell their condo I heard that our association is not FHA approved. This concerns me as we hope to sell our condo in a year.

What is an FHA Loan? – Complete Guide to FHA Loans | Zillow – An FHA loan is a mortgage loan that’s backed by the Federal Housing Administration. Borrowers are required to pay a mortgage insurance premium, which reduces the lender’s risk if a borrower defaults.

Condo Board Can Request FHA Approval | Bankrate.com – We live in a small 1988-built condominium town house complex in the Chicago area. Now we are pursuing a reverse mortgage and find our condo association is not FHA-approved, making me ineligible.

Condo confusion – There are online reports of three fha approved condominium projects in Napa: Bridgegate Commons, Redwood Gardens South and Golden Gate. Owners not within the approved condominium projects are left.

Requirements To Get An FHA Loan For A Condo | Money Under 30 – The project must be substantially complete. This means that common area structures, as well as the housing units themselves, must be complete. There will be exceptions for minor unfinished work, such as landscaping. This restriction alone is a major reason why more condominiums are not FHA approved.