FHA Review is an independently owned and operated corporation. It is not an agency of the United States Government and is not contracted by the Department of Veterans Affairs, or the Department of Housing and Urban Development, or their affiliates.
To use an FHA Loan, or a Reverse Mortgage in a condo association, the entire complex will need to be FHA approved.
Simply answer a few questions, and our team will begin a full review. No obligation, we’ll determine the eligibility of any condo project within 2 days.
VA Approval allows Veterans to purchase and refinance units within a condominium association utilizing VA benefits.
These loans help our returning service men and women, active duty, and retired veterans to purchase a home for themselves and their families or refinance into a more favorable loan.
Single Unit Approval is available to Direct Endorsement Lenders. FHA Review offers banks, brokers and mortgage companies a Single-Unit Approval Assistance Program to verify if a unit is eligible under latest FHA guidelines.
This program mostly applies to individuals seeking reverse mortgages.
Check a Condominium project’s status to see if it is currently VA and/or FHA Condo Approved. Many communities that were given FHA condo approval have since expired
If our review determines the condominium is eligible for VA or FHA Approval, we will back it up 100%. ,If you don’t get VA or FHA Condo Approval, you don’t pay for the submission! when you re-certify with us again in 3 years, we will offer a discount as well.
Begin the VA or FHA Condo Approval process by completing our online form. We will get back to you within 24 hours with the next steps to FHA and VA Certification.
First and foremost, statistics show that approximately 60% of new homebuyers intend to use an FHA Loan. If your community does not have FHA Condo Approval, you potentially limit the buying pool to only 40% of homebuyers.
Because of the increased buyer pool, FHA Approved Condos experience increased competition and demand for the units. This results in higher purchase prices and an increase in market value. This will ultimately increase the value of ALL units throughout the community.
In addition, FHA Certification is necessary to get a Reverse Mortgage (HECM). Many owners use these types of loans as a financial planning tool and cannot stay in their units without this type of financing. Without FHA Condo Approval, unit owners cannot obtain a reverse mortgage.
This means that in the future, an FHA Loan can be assumed (including the interest rate) by a new buyer. With interest rates at an all-time low, this can be a very valuable asset to an HOA community.
Furthermore, buyers who use FHA loans are more likely to reside within the unit, and not rent it out. Conversely, communities without FHA Approval will attract buyers that can make large down payments for conventional financing. These buyers are usually investors who will rent out the property for a profit.
For these reasons, realtors are more likely to bring their clients to FHA and VA Approved Communities. Units with these approvals are easier to sell and most often sell for higher prices than similar condo associations that are not approved.
The change in the FHA Guidelines in 2011 has made it difficult for some association to achieve FHA and VA approval.
Furthermore, FHA Review specializes in the 2019 VA and FHA condo approval process, and all that it entails. With FHA Review, getting your community VA and FHA approved is quick and painless.
Above all, FHAmap.com is a powerful tool for realtors and homebuyer to locate FHA Approved Condominiums. Contact us any time to learn more about the VA and FHA Condo Approval Process in 2019, or the map of FHA Approved Condominiums. FHA Review is available to help your community achieve VA and FHA Condo Approval.
Hear what some of our clients have to say…
I used FHA Review to do the work necessary to get my 22 unit condo conversion FHA approved. They were fast, knowledgeable, and significantly more reasonable than any local company. They suggested minor changes to my condo docs to ensure that FHA would approve the application on its first submittal. They made the application on my companies behalf. I received FHA Condo Approval within three weeks of getting them the last documentation that they requested. Great company.
I work for a management company in Southern California and I must say that FHA review is one of the best we work with. They are courteous, very helpful and a pleasure to work with. The processing of approvals is done quickly, Highly recommend this company!