Interested in applying to get your condo development approved for FHA financing? Here’s a quick overview of the documents necessary to submit your application.
Whether you’re going for an HRAP (i.e. through FHA) or DELRAP (i.e. through an authorized FHA-delegate lender such as the Ethical Homes team) approval, the necessary documents are the same. Full details are included in FHA’s mortgagee letters 2009-46A and 2009-46B, and further clarified in mortgagee letter 2011-21; however, here’s a brief overview of the documents that need to be included for all existing condo developments:
Most recent HOA budget
Most recent HOA financial statements
Copy of HOA master insurance policy
Recorded condo/plat map indicating legal description
Recorded condo site plans
Recorded condo declarations and any or all annexations and amendments that apply
Copy of executed and adopted condo by-laws
Articles of Incorporation as filed
FEMA Flood Certification Form
Outstanding/Pending Litigation Analysis
Special Assessments Analysis
Last Two HOA Meeting Minutes
HOA management agreement, or if self-managed, a letter on HOA letterhead indicating that fact
In addition, the application should include the following information:
Number of units in development that are currently bank-owned REO
HOA tax ID number
Month & Year that condo was completed
Standard FHA certification questionnaire
(The above documents are for existing condo developments that have been complete for more than 12 months; developments that were recently completed or that are still under construction will usually have more extensive documentation requirements.)
Have more questions about the process of applying for FHA certification?
If you’d like to submit a DELRAP application, the Ethical Homes team would be glad to assist you; just contact us and we can get the process started.
If you’d like to submit an HRAP application, we unfortunately can’t assist you directly; however, we’d be glad to refer you to attorneys who are able to do so. Again, just contact us and we can get you started on the way to getting your condo development certified.
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Ed Rice
on Aug 22nd, 2011
@ 11:40 am:
Our Condo Board has made the decision NOT to seek FHA certification on the basis the FHA buyers are sessentially second class citizens and will default on paying their condo fees? But, after looking a the list of documents required to seek certification, I now wonder if it isn’t our management company who is influencing our Condo Board…..are they too lazy to do the paperwork??..I live in Penna.