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 (5) 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 are resolved we will proceed to Step 3.
Step 3: Final Document Collection
After the eligibility criteria are met, we will send you the final document list. This list has only (5) remaining documents and will enable us to complete your Submission package. Here is a full list of documents that will be required for the FHA Condo approval process in 2014:
Please note: per our contract, we will obtain our own: recorded amendments, condo plans, FEMA Maps and plats. The documents we request from the Management Company are documents we cannot obtain on our own.
Note: 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.
Once we have obtained all relevant documentation, performed our review, and have determined that the condominium is eligible for FHA approval, we will build the submission package. This will take 1-2 days, and can be rushed over the weekend if necessary.
Waiting for HUD
Once the package has been mailed to HUD, we will soon be notified that the package was received. From this point, HUD has 30 days to perform their own analysis of the condominium. Once they are finished, the community may become an FHA Approved Condo.