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FHA – Condo Approval for Bldg Under Construction or Existing Less than One Year

The Busch Team, local lender DC Metro Area, NW DC (DuPont, Logan, Georgetown)

FHA – CONDOMINIUM APPROVAL (Under Construction or Existing Less than One Year)

To obtain FHA/VA Condominium Approval you must submit the following documentation:

1. Description of the Condominium including type of structure, number of units and common facilities.

2. Location Map- showing site location in relation to highways and major roads.

3. Recorded Condominium Plan, map and/or air lot survey which adequately identifies units (can be reduced but must be legible).

4. Survey/Site Plan showing all on-site improvements, including water, sewer, gas and electric lines.

5. Developers general plan and schedule for development

6. Recorded Condominium legal documents including Declaration of Condominium (Master Deed) and any amendments, Filed Articles of Incorporation, Signed and executed By-laws.

7. HUD Legal Certification (from attorney) on Condominium documents.

8. Proposed condominium association budget including reserve breakdown

9. Current Financial Statement

10. Minutes of last two association meetings (if applicable)

11. Management agreement- executed

12. Builder’s Certification of Plans, Specifications and Site – HUD Form 92541 Environmental Site Assessment or Audit- Phase 1 (Phase 2 if applicable) dated within 180 days or recertified within 180 days.

13. Affirmative Fair Housing Marketing Plan or evidence that builder is a signatory in good standing with an approved Voluntary Affirmative Fair Housing Marketing Plan as noted on the HUD Form 92541 page 2 (Item# 11(d)).

14. Address list that includes Phase numbers and Building numbers.

15. Builder’s Certifications- Appendix A and C (for building with less than 13 units and not over three levels of living area) or B and D (for buildings with 13 units or more or over three levels of living area) as applicable. These forms list only completed buildings (must be complete by entire legal phase). Can not be approved unless entire legal phase is complete.

The Busch Team, local lender in DC Area, NW DC (DuPont, Logan, Georgetown)
Note:

The FHA approval process can take anywhere from 2-4 months.
Over 90% LTV’s require enrollment in an FHA approved 10 year warranty plan.
A 51% presale must be met by legal phase
FHA only approves what has been legally declared or annexed to the Declaration of Condominium. Additional phases are added as the documents are recorded.

VA approval based on prior FHA approval is typically obtained within a week after FHA approval is received.

The Busch Team, local lender in DC Area, NW DC (DuPont, Logan, Georgetown)
The Busch Team, local lender DC Metro Area, NW DC (DuPont, Logan, Georgetown)

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