FHA APPROVAL PROCESS 2014
Step 1: Basic Eligibility
Determining the basic eligibility of a condo for FHA approval can be a difficult task. It requires knowing a significant amount about the community and the requirements set forth by the FHA. 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 major guidelines are, see them here:
Step 2: Documents
No matter who performs the FHA application process, a series of documents will be required. FHA Review can help gather these required documents by communicating directly with the Community Manager, or Condo Board. Here is a list of documents that will be required for the process:
Step 3: Review
Once we obtain all the necessary documents for FHA Condo Approval, we will do our official review. This review is free of charge, and there is no obligation to continue.
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 the most competitive cost.
Step 4: Application
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.
Step 5: 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.