RECENT BLOG POSTS
FHA Condo Approvals – Transient Leasing Update In a recent bulletin, HUD announced an update to its transient leasing restriction guidance.  It has seen an increasing number of condominium project approval applications where transient leasing is allowed in the projects. HUD only allows a handful ...
07/10/2014
FHA Condo Approvals – HUD Offices Closed Monday July 22 As a reminder, the offices of HUD will be closed on Monday, July 22, 2013 as a result of the automatic spending cuts that are taking place government-wide.  This will delay processing of condominium approvals, insurance processing and respon...
07/10/2014
FHA Condo Approvals – Legal Documents Requirements In working to get a condominium project approved with HUD, it is required that copies of recorded legal documents be included in the submission package. This includes the Declaration, By-laws, all amendments, plat map(s) and building plans from t...
07/10/2014
  Why Should My Condo Project Become FHA-Approved?   This is a question that I have heard from several different people recently, and it is a valid question. There are MANY reasons for obtaining an approval with FHA for your condominium project. First-time buyers that are not Veterans have only a...
07/10/2014
I have noticed that HUD and FHA have been used synonymously when referring to condominium complex approvals.  I wanted to clear this up. Technically speaking "HUD Condominium Approval" and the "HUD Condominium Approval List" are what we are actually talking about.  The Department of Housing and U...
07/10/2014
FHA Condo Approval Process Prior to 2011, I was a mortgage loan originator.  The FHA Condo Approval Process is very similar to the processing of a mortgage application. Typically, I am in contact with a member of the Condominium Association's Board of Directors, a unit owner or the complex's prop...
07/10/2014
FHA Condo Approvals – Approved on the First Attempt Recently, I was able to accomplish something working with HUD that only happened to me once during my 10-year tenure as a mortgage loan originator: a couple of my submissions for condominium approval were approved on the first attempt! I am espe...
07/10/2014
How Can I Find if My Condo Is FHA Approved? HUD maintains a list of approved condominium projects on its website.  You can find the search tool here. This is what the search screen looks like:   It is easy to use but it doesn't give you as much leniency as a search engine like Google does.  If yo...
07/10/2014
FHA Condo Approvals – Pending Sales Can Count as Owner-Occupied   In 2011, I was contacted by a gentleman in Texas whose family had invested in a failing condominium project.  The purchased roughly 70% of the units and invested their own capital into the common elements and exterior of the buildi...
07/10/2014
FHA Condo Approvals – Site Condo Case Number Mistakes The last item mentioned in HUD’s most recent bulletin is the process for mistakes made when a case number is issued for a site condo that is not technically a “site condo” by HUD’s definition. I previously wrote an article about how determines...
07/10/2014
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ReadySetLoan Condo Approval Team

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