Condo Requirements From The FHA

There is news on the HUD home front stating that it is implementing new FHA condo requirements and new certification and recertification programs, in Hoboken and across the country.

For a condominium or a townhome development to qualify for FHA funding, they must be approved under new FHA rules implemented in February 2010. Spot approvals for individual units are no longer permitted. Hoboken condominiums approved prior to Oct. 1, 2008, must be recertified by Dec. 7, 2010. The recertification process may be performed by HUD via an HRAP Submission or by a lender with Direct Endorsement authority (DELRAP submission).

Beginning Jan. 1, 2011, in order for an FHA loan to fund, the condominium development also must meet the eligibility requirements at the time of underwriting to qualify for an FHA loan.

If you’re interested in buying a condominium with an FHA loan, before you fall in love with one, you will want to make sure it is certified for an FHA loan.

For help in finding a condo home in Hoboken that is certified for FHA loans, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886

 

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