FHA loans play a pivotal role in the condo mortgage market. Seven out of ten first-time condo buyers opt for FHA loans to purchase their dream homes. However, only approximately 6% of the 150,000 condominium projects in the US are eligible for FHA-insured loans. This limitation affects the condo buying process, restricting potential buyers from owning their homes.
For FHA condo approval, the entire project needs approval before an FHA-insured loan can be granted. These approvals, renewed every three years, ensure compliance. There are two approval submission methods: the HRAP and the DELRAP method. At American Condo Approvals, we specialize in HRAP submissions. These involve a comprehensive application package sent to one of the four HUD regional HomeOwnership Centers.
Our experienced team diligently compiles a submission package that fulfills all approval requirements. We add submission notes, make necessary corrections, and assist in procuring missing documents. These might include Recorded Amendments, Condo Plans, FEMA Maps, Plat Maps, and other hard-to-find materials.
Typically, the FHA condo approval process takes 4-6 weeks. However, our clients usually receive their approvals much faster, within 14-30 days. We guide you to prepare a detailed submission, meeting all requirements, ensuring a swift approval.
At American Condo Approvals, we pride ourselves on our customer service and meticulous attention to detail. We accompany you throughout the process to ensure a stress-free journey. Contact us today to discover more about our services and how we can assist in securing FHA condo approval for your project.
Please visit our “What to Expect working with ACA” page for a step-by-step timeline of our process, and the FHA condo lookup page to check if your property is FHA approved. For further resources, click on our page links to learn about eligible properties, approval criteria, and how to get a condo FHA approved. If you have any questions, we’re here to help.