Florida News: FHA working on plan to approve more condo

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I need to replace windows in two rooms in my condo with impact resistant glass. Since I had rotator cuff repair surgery last October my doctor wrote a letter asking the association to allow me to have one panel as a sliding window instead of the single hung required by the association.

FHA Condo Approval Guidelines: New Construction. New Construction also has its own FHA Condo Approval Guidelines. To gain FHA approval for a project that is still under construction, recently converted, or less than 12 months old, a special set of guidelines will apply.

Both senators will need to present the plan to their colleagues to see if they can win enough support for the plan to pass the Senate. The president acknowledged at a White House press conference.

News that the Federal Housing Administration (FHA) is changing its approval process for condominium projects was met with mixed reaction throughout the housing industry. In a letter that went out Nov. 6, the FHA produced new guidelines to constrict financing for condos. Project approvals will expire.

If a condominium meets FHA approval, purchasers of units in the condo are eligible for Federal housing administration financing. This is advantageous to residents who want to sell their units, or.

How much of a down payment do you need to buy a condo?. VA loans. In Illinois you could find 2,484, and in Texas you’d find 1,021. Even in Florida, which has a low number of FHA-approved condo developments, buyers can find 2,350 projects approved for VA financing.. and so presents more of.

FHA PROPOSES NEW APPROVAL PROCESS FOR condominium developments. proposed rule brings back spot approvals; is intended to be more flexible, less prescriptive and more reflective of market.

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To buy a condominium with an FHA loan, the entire condo must be approved by HUD. FHA financing is much easier to qualify for than a traditional mortgage because the guidelines are more flexible. A downpayment of just 3.5% is required, much less than conventional mortgages require.

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FHA insurance is often used by buyers who put down small down payments. The agency has insured more than 40 million homes since it was established in 1934, and last year three quarters of those it.