Dallas Fort Worth Condo Market Report

Dallas Fort Worth Condo Market

FHA Condo Approval
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FHA APPROVED CONDOS

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FHA APPROVED CONDO LOAN REVISION

In the past, FHA required a condo project to be submitted and put on their approval list only once (typically when the project was built) and it was considered an approved project forever. If condo being purchased was not on the approved list, then by gathering specific documents from the HOA, HUD allowed lenders to do “spot approvals”. This ALL changes on 11/1/2009. Condo approvals are only going to be valid for 2 years. Any condo project not approved on FHA’s approval list within the last 2 years WILL EXPIRE on 11/01/2009 and FHA will NO LONGER allow spot approvals.

If a condo project has multiple “Phases”, EACH PHASE will need to be added to the FHA approval list.

The following are EXEMPT from the condo approval list:

Project approval IS NOT required for:

• FHA to FHA streamline refinance transactions

• FHA/HUD Real Estate Owned (REO) sales

• Site Condominiums (free standing – no common wall units)

Use the following address to look up projects at HUD’s website:

https://entp.hud.gov/idapp/html/condlook.cfm

HOA’s are responsible for providing the documentation to HUD to place and

maintain condo project approval status. The information for obtaining project

approval is found in HUD Handbook 4150.1 Chapter 11.

http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4150.1/index.cfm

If you are planning to sell or buy a condo and the project is not on HUD’s

approved condo list, then closing will most likely be delayed while gaining

approval OR denied all together if the HOA documentation does not meet

HUD’s requirements.

 
 

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