Mortgage Insurance Purchase of Units in Condominiums

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



Agency - Department of Housing and Urban Development

The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.

Office - None.

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 http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.



Program Accomplishments

Not Applicable.

Uses and Use Restrictions

HUD insures mortgagees against loss on FHA-insured mortgage loans.

These loans may be used to finance the acquisition of or refinance individual units in FHA-approved proposed, under construction, existing or converted 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.

Eligibility Requirements

Applicant Eligibility

All individuals and families are eligible to apply.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

Eligible unit must be in an FHA-approved condominium project. 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. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

Award Procedures

The application is approved by the mortgagee.

Deadlines

Not Applicable.

Authorization

National Housing Act, as amended, Section 203(b) requirements.

Range of Approval/Disapproval Time

From 15 to 30 days. Varies.

Appeals

An FHA-approved mortgagee who has unconditional Direct Endorsement authority underwrites and approves or rejects the loan application. If the loan is denied, the mortgagee issues a denial letter to the mortgagor advising of the reasons(s) for rejection of the loan application. The mortgagor may appeal to the mortgagee in writing for reconsideration of the initial loan decision.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years. See the following for information on how assistance is awarded/released: As necessary.

Post Assistance Requirements

Reports

Not Applicable.

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain files in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations.

Financial Information

Account Identification

86-4587-0-3-371.

Obigations

(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported under 14.117.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines, and Literature

ML 2011-22, ML 2012-18, ML 2014-17 and ML-2015-27

Information Contacts

Regional or Local Office

None. 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 http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.

Headquarters Office

Wanda Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: 800-225-5342

Criteria for Selecting Proposals

Not Applicable.



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Edited by: Michael Saunders

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