FHA Debt Ratios and FHA Loan Approval – July 7, 2015 – Your debt to income ratio is a very important factor in the FHA loan application process. For condos with 10 or more units, up to 10% may be eligible for spot approval. For condos with less than 10 units, only 2 units will be eligible for spot approval. fha condo approval Process.
· HUD temporarily eases approval process for Condos. Although FHA loans offer minimum down payment options, it’s not limited to first time home buyers. FHA loan limits are higher in some counties, like King County, Snohomish County and Pierce County. The 2015 loan limit for the tri-county area is $517,500.
According to the HUD official site, "FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects." and furthermore, the FHA, "FHA will only insure up to 50 percent of the total number of units in an approved condominium project."
Of the several new requirements, there are four that most directly affect people who want to buy condos with FHA-insured mortgages: "Spot approvals" are eliminated, and now the entire project has to.
FHA EASES CONDOMINIUM PROJECT APPROVAL REQUIREMENTS Temporary guidelines will increase number of condominium projects eligible for fha approval. homeowners’ associations (hoas) are required to maintain adequate "master" or "blanket" property insurance in an amount equal to 100% of current replacement cost of the condominium (exclusive of land,
The Condominium Project Approval and Processing Guide (Guide) is designed to provide the federal housing administration (FHA) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)
FHA approved condos. FHA approved condominiums meet the mortgage insurance guidelines of the Federal Housing Administration and are eligible for FHA mortgage financing.
· FHA Underwriting Guidelines 2015 Changes – Lots of FHA. – This is about the numerous underwriting changes that are coming on September 14, 2015 all of the FHA underwriting guidelines will be changing in there creating an entirely new manual.
mortgages for people with low credit scores Bad Credit Mortgages – Mortgages for People with Bad Credit – There are mortgages available for people with a bad credit rating if you know where to look. Perhaps you’ve missed a few credit card payments, had a County Court Judgment awarded against you or.refinance without income verification The FHA streamline does not require income verification. You may be required to prove you are still working, but the income from that job need not be verified. And, no appraisal is required.