- What is the required owner-occupancy rate?
- How should you handle a net operating loss in the last fiscal year?
- How does the FHA view bank loans, and what is the appropriate documentation in these situations?
Condo Approvals USA is Here to Help!
We know the rules and we know what is required. We will guide you through the requirements for FHA and VA approval and will submit your application package in a proven-successful format.
We are knowledgeable about both standard and non-standard eligibility questions and have successfully navigated the process for hundreds of clients like you.
The FHA has stringent requirements spelled out in Mortgagee Letter 2011-22 regarding owner-occupancy, delinquency rates, and investor ownership caps. It also has specific information requirements related to special assessments and pending litigation.
The FHA requires specific legal, financial and insurance documentation as a part of your submission. We are experienced in reviewing this documentation for you to ensure it is in compliance and is what is needed.
Condominiums that are currently approved require recertification every two years.
Want to see if your condominium is an FHA-approved project? Use this button link to the FHA Condominium List to search by location, name or status.
Search FHA Approved
Want to see if your condominium is a VA-approved project? Use this button link to search.
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