FHA Condo Approvals – Approved on the First Attempt
Recently, I was able to accomplish something working with HUD that only happened to me once during my 10-year tenure as a mortgage loan originator: a couple of my submissions for condominium approval were approved on the first attempt!
I am especially proud of this feat because I am continuously trying to hit a “moving target”. I say this because during the last two years, HUD has changed its guidelines for condominium approvals several times.
However, the primary challenge is that while HUD has provided us with a Guide outlining its requirements for condominium project approval, in many cases it did not spell out what documentation is needed to show that the project meets the requirements.
To speak in mortgage loan officer terms: it’s like a lender asking to verify the borrower’s income and we provide a pay stub. The lender then requests a month’s worth of paystubs and two W2’s. Then the lender notices that there is self-employment income and alimony in the bank statements and requests 2 years of tax returns and 6 months of bank statements, which could then lead to requests for more documentation.
Because the Guide does not specify what documentation is required by HUD, I have had to learn this through trial and error. Prior to June 30, 2011, I had locked it down. However, when the Guide was introduced on June 30, 2011, I had to learn my way around the new guidance and attended the only training that HUD has offered on this topic.
Putting all of this together has led to success in condominium project approvals as every condominium project with whom I have worked has been approved with HUD. The key to the success rate is a result of the thoroughness each package receives prior to being sent to HUD. I am able to identify issues or potential issues prior to submission to HUD saving valuable time.
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
404-433-4565 Cell Phone
860-644-3772 Fax Phone
Check out our article in Common Interest magazine on page 19!