Since almost half of all new mortgages are FHA, it is essential to obtain FHA approval to protect the value of your condominium project.
Why Obtain FHA Approval For Your Condominium?
Until recently, spot approval enabled an FHA loan for a single condominium or townhome unit to be possible even if the entire development was not FHA approved.
FHA eliminated spot approval on February 1, 2010.
Now an entire condominium development must apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.