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Home Purchase

How Do You Know if a Condo is FHA Approved | FHA Condo Mortgages

by Nicholas Auriemma, NMLS# 1455001
6 years ago
in Purchase
FHA Loan for a Condo How Do You Know if a Condo is FHA Approved

How Do You Know if a Condo is FHA Approved | FHA Condo Mortgages

How do you know if a condo is FHA approved?  Searching for an FHA loan for a condo has more moving parts than regular stick built homes. FHA condo approval guidelines are not difficult with the HUD’s search tool and a Loan Originators help.

3.5% Down Payment for a Condo

The down payment for an FHA loan for a condo is the same as a regular FHA loan.

  • 3.5% for 580 or higher FICO credit score.
  • 10% for lower than 580 FICO credit score.

FHA grants are available, with a minimum 620 FICO credit score, for 3% and 4% of the total loan amount to help with down payment and/or closing costs.

Home Owner’s Association Dues

The difference between most traditional homes and an FHA condominium is that the mortgage payment will have home owner’s association dues (HOA). This is a factor when determining a maximum mortgage payment even though it is usually paid outside the mortgage and not escrowed.

Approval Guidelines

In order for a FHA condominium project to be FHA approved, the project must be in full compliance with applicable state laws, all other applicable laws, and regulations. Some ineligible projects include:

  • Condotels.
  • Timeshares.
  • Non-warrantable condos.
  • Multi-dwelling unit condos.
  • Houseboats.
  • Projects that are not residential.

HUD’s search site makes it easy when asking the question, “How do you know if a condo project is FHA approved?”  They make the process of looking for an FHA approved condo easy and not having to look through FHA guidelines.

How Do You Know if a Condo is FHA Approved

The condo search page allows anyone to look up condo projects by location, name, or status. Often, realtors or Loan Originators forget to check the status of the condo project. It is important to make sure each condo project is not only approved, but up to date. This will prevent any delays or disappointments during the underwriting process.

How Do You Know If a Condo is FHA Approved

Starting the Loan Process

Some lenders have tougher guidelines than others.  Getting pre-approved for a FHA loan for a condo starts with sending necessary documents required for underwriting and processing to a licensed Loan Originator.  Once enough information has been collected, they will run the Automated Underwriting System (AUS) to determine a pre-approval purchase price and maximum mortgage payment.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, NC, TN, VA, WI and TX: NMLS ID 276777. Virginia law says that finance charges may be higher in a refinance. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law.

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
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    • Interest Rates
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