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why would a condo not be fha approved

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. Why Are Some Properties Not FHA Approved? | Price Mortgage – There are many reasons why a single family home or condo would not be FHA approved.

Those restrictions are crimping a local condo market burdened with an oversupply of inventory at the same time consumers are dealing with the Chicago area’s 10.7 percent jobless rate. "It is not.

 · Answers. FHA doesn’t pre-approve properties for financing. They are probably referring to how the association or the property ownership itself is set up and how that wouldn’t be acceptable to FHA. Approval is based on PROPERTY TYPE. FHA will not approve loans condo-hotels, condos where more than a certain percentage is sold AND owned by.

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Holmgren originally identified the Home Equity Conversion Mortgage as the best option before discovering that the condo, a $1.3 million unit in San Francisco’s Nob Hill neighborhood, wasn’t on the.

“Most lenders aren’t equipped” to perform a full project review, which involves “legal review of the condo documents” and other tasks that can be costly and time-consuming, he said. The result: Some.

Now, the entire condominium project must qualify and be approved before any FHA loan can be. “non-lawyers should not provide the legal opinions required by FHA.” Marcus suggests that the.

The first issue is whether your condo has been approved for conventional (Fannie Mae or Freddie Mac) or FHA financing. Approval is required. If it is approved, your condo refinance can go forward.

 · After searching for a particular condo on the FHA approved condo list and it does not show, it is possible to submit for FHA condo approval. In order to submit a condo project for FHA condo approval, FHA requires specific documentation and it must be complete.

. this year, certain individual condo units would be “eligible for fha mortgage insurance even if the condominium project is not FHA approved.

If you’ve been house shopping, especially in an urban area, you’ve likely wondered if you should opt for a condo. And why not? Condos offer homebuyers. home color from a list of approved hues. Hot.

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