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FHA Approval

FHA Approval is necessary to buy a condo or townhouse and there is no exception to this rule. The website of the Department of Housing and Urban Development (HUD) offers you an easy online interface to search for approved condos and other housing solutions in your locality. You can even provide your own search criteria to restrict the results and display only those you would be interested in buying. The list of properties can also be sorted by condo name, city, state or zip.

The Housing and Economic Recovery Act (HERA) of 2008 provides the framework under which the FHA approval process and guidelines change depending upon the current condominium requirements of the homebuyers. The HUD Mortgagee Letter 2009-46A has now replaced the HUD Mortgagee Letter 2009-19. Lenders are now allowed to determine project eligibility, review project documentation and certify according to certain sections of FHA’s regulations.

FHA Approval Process



There two options to get FHA approval for Condos. Each of these options will require the same kinds of documents. Here are the two options:
  • HUD Review and Approval Process (HRAP)
  • Direct Endorsement Letter Review and Approval Process (DELRAP)
The documents required under DELRAP can be uploaded in pdf format using FHA connection. For more information on FHA approval requirements including documentation checklist and the complete approval process, you can refer to the HUD Mortgage Letter available online.

Moreover, you can get help through FHA Connection or Homeownership Center, if your application for condo approval is pending for more than 30 business days. The acknowledgement letter you receive after submitting your request for condo approval bears a telephone number that you can call in case of emergency. If you are a buyer, it is important to ensure that the condo you are buying is not expiring soon.

FHA Approval to Participate



FHA Approval to Participate refers to your being qualified for participation in the HUD pre-foreclosure sale procedure. You have to download a form (HUD-90045) available online, complete it and send to HUD within 7 days. The property is required to be listed for sale at a licensed Realtor. You should also state clearly the list price (must be the appraised value of your home) and the net amount payable to HUD.

Moreover, the borrower should abide by the Acceptable Terms of Sale, which also makes it necessary that the sale would be an ‘arm’s length’ transaction. There are also guidelines regarding relocation services, occupancy & property maintenance, and borrower’s incentive compensation. For more information, refer to the Handbook 4330.1.

Website: www.hud.gov





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