Since FHA Approval has become so important for condominium buildings, we have gotten a lot of questions about what general requirements a building must meet to seek an approval. Here are the basics:
General Requirements
• Be able to provide all legal condominium documents - Plat map, Bylaws, CC&Rs, Articles of Incorporation
• Be able to provide Site plans, transfer of control, budget, management agreement, FEMA flood map
• There will need to a be a pending litigation analysis, pending special assessment analysis and an attorney's letter
• The building must be 51% owner occupied, 51% residential space, and have at least 10% of the budget going to reserves
If you are interested in helping your building become approved email or call us so we can get you set up to get the process started.
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