{"id":627,"date":"2010-03-07T15:16:47","date_gmt":"2010-03-07T20:16:47","guid":{"rendered":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/?p=627"},"modified":"2017-03-09T13:31:12","modified_gmt":"2017-03-09T18:31:12","slug":"627","status":"publish","type":"post","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/627\/","title":{"rendered":"NC FHA Condominium Loan Details"},"content":{"rendered":"

\"\"<\/a>The FHA Program for Condominiums is a tiny bit different from the program that covers “traditional” Single Family Homes.<\/strong> Originally, the program was designed with differnt mortgage insurance coverage, that is no longer the case. The program, HUD Section 234(c) of the National Housing Act provides\u00a0mortgage insurance for\u00a0any\u00a0mortgage loan<\/strong> covering a one-family unit in a project coupled with an undivided interest in the common areas and facilities which serve the project. All projects are included in the 234 (c)<\/strong>, including dwelling units in detached, semidetached, row, garden-type, low- or high-rise structures.\u00a0\u00a0These types of properties are referred to as Condominiums.<\/p>\n

HUD \/ FHA do not make loans,<\/strong> they insure them thruogh the mortgage insurance program.\u00a0\u00a0 HUD will insure mortgagees against losses on\u00a0mortgages\u00a0used for buying a condo or to\u00a0refinance\u00a0individual units in eligible condominium projects<\/strong> provided that they meet certain guidelines.<\/p>\n

Project Eligibility<\/span>. The condominium project must be on HUD’s approved condominium list.\u00a0 Many projects that were are approved prior to 2011, did not renew their documents, and are no longer on the NC FHA Approved Condo list.\u00a0 Here are some of the requirements for NC FHA Condo Project Approval<\/strong><\/a>.<\/p>\n

Applicant Eligibility<\/span>. Eighty percent of the HUD-insured mortgages in a condominium project must be the principal residence of the owners (owner-occupants).\u00a0 This can be determined by calling the property management group.<\/p>\n

Maximum Insurable Mortgage<\/span>: Same as the “regular single family” Section 203(b)<\/p>\n

Minimum\u00a0Down Payment:<\/span> Same as Section 203(b), which is 3.5 percent.<\/p>\n

Mortgage Term<\/span>: Same as Section 203(b), which is 15, 20, 25 or 30 year terms.<\/p>\n

FHA PMI:<\/span><\/strong><\/a> These are the same rates as a “traditional” FHA Loan.\u00a0 In years past, FHA had a separate FHA PMI rate for Condos.<\/p>\n

Refinancing<\/a><\/span>: Same as Section 203(b).<\/p>\n

If the Condominium<\/strong> is not approved then the Lender may go through the “Spot Approval” process.\u00a0 For more information on this approval process, please click here<\/a>.<\/p>\n

If you are considering a Condominium in NC,<\/strong> please call Steve and Eleanor Thorne<\/a>, , 919-649-5058\u00a0Connect With Us on Facebook<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The FHA Program for Condominiums is a tiny bit different from the program that covers “traditional” Single Family Homes. Originally, the program was designed with differnt mortgage insurance coverage, that is no longer the case. The program, HUD Section 234(c) of the National Housing Act provides\u00a0mortgage insurance for\u00a0any\u00a0mortgage loan covering a one-family unit in a […]<\/p>\n","protected":false},"author":2,"featured_media":4037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[67],"tags":[75,389,13,350,377,407,2526],"yst_prominent_words":[7408,4829,4838,9592,2936,2943,3279,2942,2921,7943,3134,9593,7809,9591,9589,9594,9590,9595],"class_list":{"0":"post-627","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fha","8":"tag-condos","9":"tag-fha-condominium-loan-requirements","10":"tag-fha-loans-raleigh-nc","11":"tag-fha-mortgage-loans","12":"tag-fha-mortgage-loans-raleigh","13":"tag-hud-section-234c","14":"tag-nc-fha-condo-approval","15":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2012\/10\/ma12.jpg?fit=570%2C383&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/s2NEbf-627","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":156,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/condominium-loans-and-fha-mortgage-changes\/","url_meta":{"origin":627,"position":0},"title":"Condominium Loans and FHA Mortgage Changes","author":"Eleanor Thorne","date":"July 6, 2009","format":false,"excerpt":"FHA announced new guidelines that will effect Condominiums beginning this fall.\u00a0\u00a0With their\u00a0mortgagee letter,\u00a0HUD (which governs the FHA Mortgage Loan\u00a0program) changes the Spot Approval process, so that mortgage lender's will be required to look at the overall \"health\" of the project.\u00a0 You've read the news - massive numbers of people are\u2026","rel":"","context":"In "FHA Mortgage Loans"","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":189,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/fha-condo-woes\/","url_meta":{"origin":627,"position":1},"title":"FHA Condo Woes","author":"Eleanor Thorne","date":"September 3, 2009","format":false,"excerpt":"Condominiums are getting more and more difficult to finance, and recent FHA Underwriting guidelines changes for FHA Home Loans in North Carolina are not helping!\u00a0The lure\u00a0of living in a Condominium in an Urban part of North Carolina is obvious, especially for Environmental Conscientious Millennials who love to live in a\u2026","rel":"","context":"In "FHA Mortgage Loans"","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"North_Hills_Condominiums_in_Raleigh_North_Carolina","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2013\/07\/North_Hills_Condominiums_in_Raleigh_North_Carolina.jpg?fit=728%2C368&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2013\/07\/North_Hills_Condominiums_in_Raleigh_North_Carolina.jpg?fit=728%2C368&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2013\/07\/North_Hills_Condominiums_in_Raleigh_North_Carolina.jpg?fit=728%2C368&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2013\/07\/North_Hills_Condominiums_in_Raleigh_North_Carolina.jpg?fit=728%2C368&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":322,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/benefits-of-fha-mortgage-loans\/","url_meta":{"origin":627,"position":2},"title":"Benefits of FHA Mortgage Loans","author":"Eleanor Thorne","date":"May 5, 2015","format":false,"excerpt":"FHA Mortgage Loans are one of the best mortgage loan programs available for folks purchasing a home in the Raleigh\/ Cary\u00a0Area because it serves so many needs! \u00a0They have low down payment features, common sense underwriting approvals and low mortgage rates! 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Veteran) or a USDA Home Loan (that requires that you meet income limits\u2026","rel":"","context":"In "FHA Mortgage Loans"","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2011\/11\/fha-mortgage-loan.jpg?fit=240%2C345&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5478,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/fha-mortgage-to-purchase-a-nc-townhouse-or-condo\/","url_meta":{"origin":627,"position":4},"title":"FHA Mortgage To Purchase a NC Townhouse or Condo","author":"Eleanor Thorne","date":"May 8, 2013","format":false,"excerpt":"If you are purchasing a Condominium in NC, and you are interested in getting a FHA Mortgage to help with that purchase, you need to check and see that the Homeowner Association (HOA) is already on the approved list by FHA.\u00a0 Townhouses also share similar risks as Condominiums, however FHA\u2026","rel":"","context":"In "FHA Mortgage Loans"","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"NC first time homebuyer programs","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2013\/05\/fth6.jpg?fit=423%2C414&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5692,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/fewer-condominium-projects-in-nc-qualify-for-fha-financing\/","url_meta":{"origin":627,"position":5},"title":"Fewer Condominium Projects in NC Qualify for FHA Financing","author":"Eleanor Thorne","date":"May 24, 2013","format":false,"excerpt":"As we've discussed before, FHA approves Condominium Projects in NC, and that certification process is used to obtain not only FHA Mortgage Loans, but it's used for USDA home loans and VA loans too.\u00a0 Primarily because 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