Florida News: FHA working on plan to approve more condo

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FHA PROPOSES NEW APPROVAL PROCESS FOR CONDOMINIUM DEVELOPMENTS. Proposed rule brings back spot approvals; is intended to be more flexible, less prescriptive and more reflective of market.

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FHA Condo Approval Guidelines: New Construction. New Construction also has its own FHA Condo Approval Guidelines. To gain FHA approval for a project that is still under construction, recently converted, or less than 12 months old, a special set of guidelines will apply.

(See sample floor plan. Next week: Condo sales king Bob Rennie has views on how to bring down the cost of housing in Vancouver. When subscribing to a newsletter edition you’ll also get early notice.

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On Oct. 15, the state’s condo market could really open up to first-time buyers after FHA issued new mortgage rules that qualify more condo complexes and units for FHA loans. New Rule Will Approve More FHA Loans for Condos | Florida Realtors

If a community cannot get compliant because it fails to meet one of the threshold requirements by FHA, such as holding the appropriate fidelity or hazard insurance or if the community is mired in litigation, then the condominium should work with its professionals-lawyers, accountants and engineers, to cure the one or more areas causing the.

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FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an.

Hello Ibis. To get a reverse mortgage against your condo, the entire complex must become FHA-approved. HUD/FHA changed the rules in 2009-2010 to make it more challenging to get financing against a condo. I’d be more than happy to speak with your association contact to discuss the possibility of applying for FHA-approval.

They said they have spent more than $200,000 trying to come up with a proposal that Kissimmee would approve. and condo-hotel rooms on what is now green space. tuesday night, only Mayor Linda.