Mortgage Insurance Purchase of Units in Condominiums

 

To enable individuals and families to purchase or refinance eligible units in condominium projects.

Active 14.133 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 203(b) requirements All legal residents are eligible to apply. Individuals/families. Eligible unit must be in an FHA-approved condominium project or meet separate requirements for approval. Documentation regarding the function and characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the loan package. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is made to a HUD approved lending institution. An FHA-approved lender underwrites and approves or rejects the loan application. Not applicable. From 15 to 30 days. Varies. Not applicable. Not applicable. Not applicable. HUD insures mortgagees against loss on FHA-insured mortgages. These mortgages may be used to finance the acquisition of or refinance individual units in FHA-approved completed condominium projects containing two or more units. The maximum insurable loan for an occupant mortgagor is the same as Section 203(b) – Program 14.117. Not applicable. Not applicable. Mortgagees are required to service and maintain files in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The mortgage term may extend for 30 years. Method of awarding/releasing assistance: Lump. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at https://www.hud.gov/program_offices/housing/sfh/fharesourcectr Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: 800-225-5342 https://www.hud.gov/program_offices/housing/sfh/ins/sfh_ins_condominiums 86-4587-0-3-371 (Guaranteed/Insured Loans) FY 22 FY 23 FY 24 FY 21 FY 20 FY 19 FY 18 - Reported under 14.117 Average mortgage amount is approximately $200,000. The maximum mortgage amount is the same as in listing 14.117. 24 CFR 203.43b See HUD Handbook 4000.1 at https://www.hud.gov/program_offices/housing/sfh/handbook_4000-1 Not applicable.