- FHA CONDO APPROVAL PROCESS – 3 Steps to Approval in 2019
FHA CONDO APPROVAL PROCESS – 3 Steps to Approval in 2019
There are only 3 steps to FHA or VA Condo Approval using FHA Review. Here is a simple outline of the and FHA approval process (VA approval is a very similar process):
Step 1: Pre-Qualify
Complete our Eligibility Questionnaire, and let us determine the basic eligibility of any project. Determining eligibility for FHA condo 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 full 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 2019:
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. At this point, the FHA condo approval process is complete. Once your community is FHA approved, you will be notified and emailed a certificate.
Additional Notes about the FHA approval process
We can offer a “Don’t Pass, Don’t Pay” guarantee to those associations who meet 100% of the eligibility requirements.
Per our contract, we will obtain all of your communities recorded amendments, condo plans, FEMA Maps and plats free of charge. 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 the FHA might take issue with. Our goal is to find these issues ahead of time and fix them before submitting anything to the FHA. 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 are efficient, timely, and offer a most competitive cost.
Watch a video on the FHA condo approval process