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Your local FHA office can provide you with the details regarding the process required to obtain FHA approval for loans to buy units in the development.
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Can you have a reverse mortgage on a condo?
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
Where do funds for FHA loans come from?
From any FHA approved lender
How can I know if my apartment in a low-income condominium is included in FHA's area requirements and may qualify for HUD funds under a reverse mortgage ?
go to HUD.gov look up approved condo list. Try www.hud.com
What two sets of loan guidelines must one qualify to refinance a condo?
Your condo must be approved for FHA or conventional financing (from Freddie Mac or Fannie Mae). You will need approval because a third-party is involved, which makes refinancing a loan risky. You will also have to fill out a questionnaire, which will ask questions about you and the other occupants.
Approximatly how long does a fha mortgage loan take to be approved compared to a convential loan?
This will depend upon your Lender. Some Lenders have FHA underwriters on staff and it shouldn't really take any longer but some FHA loans are handled thru Brokers who do not have the staff and will submit your loan to another company for underwriting. If you have a "special" kinda property... ie... mobile home on perm foundation, condo, private well etc.... it may take longer to get the required inspections or documents required by FHA.
Does FHA consider a condo a single family home?
No, FHA considers a condominium a condominium, and a single family home a single family home. The styles of legal ownership and title are different.
How do you contact fha?
The best way to have a communication with the FHA is through the US Department of Housing and Urban Development.
What does the acronym fha gov stand for?
FHA Gov stands for Federal Housing Administration. It provides mortgage insurance on loans made by FHA-approved lenders for single family and multifamily homes.
Can you do a reverse mortgage on a townhome?
You can, if the town home is in an approved FHA complex it makes it much easier. If it is not then you have to apply for a spot approval which is asking for an exception to the requirement that the HOA or complex be FHA approved based on the merits of your particular property.
Federal housing authority mortgage brokers in Illinois list?
list of fha approved brokers?
How do you become a HUD approved Contractor?
HUD approved contractor? Since 1995, HUD no longer approves nor maintains a list of HUD approved builders/contractors. FHA DE Lenders are technically called FHA approved contractors. HUD also "contracts" with various "sources" and "suppliers" for goods and services. These companies may be considered HUD approved contractors. However, for the FHA 203k loan program, the Certified 203k Contractors are located on the 203k Contractor Directory at http://203kContractors.com.
Where can you find a first time home buyer grant with a pre approved fha loan?
Check out: www.hud.gov find your local FHA office and see what type of grants or downpayment assistance programs there are in your area. Also your approving FHA lender should know.
