FHA 3 STEP APPROVAL PROCESS (2014)
Step 1: Pre-Qualify
Complete our Eligibility Questionnaire, and let us determine the basic eligibility of any project free of charge. Determining eligibility for FHA approval can be a difficult task if you are not familiar with the FHA Guidelines. FHA Review can take care of this for you, with a FREE review of the community. If you would like to know what some of the requirements are, see Guidelines:
Step 2: Identify and Correct Eligibility Issues
Once we receive a completed questionnaire and the (10) documents listed on the form, we can identify potential eligibility issues. We will recommend a course of action that will bring the community up to FHA Eligibility Standards. Once these eligibility issues (if any exist) are resolved, we will proceed to Step 3. Here is a full list of documents that will be required for the FHA Condo approval process in 2014:
Step 3: Submission
After the eligibility criteria are met, we will build and submit your application to HUD. The FHA generally responds to us within 2-3 weeks after we have submitted the application, however it may take up to 30 days. Once your community is approved, you will be notified and emailed a certificate.
We can offer a “Don’t Pas, Don’t Pay” guarantee to those associations who meet 100% of the eligibility requirements.
Per our contract, we will obtain our own: recorded amendments, condo plans, FEMA Maps and plats. Other companies may expect you to find these documents, or charge extra. The only documents we request from you, the Management Company or the Board of Directors are documents that we cannot obtain on our own.
The FHA condo approval process can be very lengthy (30-60 days). However, we are very skilled in identifying potential roadblocks that HUD might take issue with. Our goal is to find these issues ahead of time and fix them before submitting anything to HUD. We’ve seen FHA condo approvals and certification take over 6 months simply because the submitter left out vital information, or submitted incorrectly. This can lead to un-funded loans and lost real estate transactions. FHA certification approval is very important these days, and as a professional submission company, we do it efficiently in a timely manner, at a most competitive cost.