Page 1 - AAG081_FHA Condo Approval Flyer

Getting your condominium approved

by the FHA gives you more ways to

access your home equity. Apply today!

Condos approved by the Federal Housing Administration (FHA) are properties that meet requirements
established by the U.S. Department of Housing and Urban Development (HUD) and can be purchased using
FHA loans, such as the Home Equity Conversion Mortgage (HECM) loan. We are here to help you obtain
approval! We will walk you through the process and assist with gathering the required documentation.

Below are the documents that must be included
with your application:

Declarations page of crime/embezzlement
Management agreement between
c c
Homeowners Association (HOA) and policy that management firm has to cover
management company HOA

Declarations page of liability policy
All legal documents including CC&Rs (plus
c c
amendments) and recorded site plans
Fidelity bond MUST be in place and equal at
c
Signed or recorded bylaws
c least 3 months of dues PLUS reserves
n $300,000 in dues ($100,000/month)
Articles of incorporation filed with the state
c + $1,000,000 in reserves
$1,300,000 bond
Financial documents
c
Declarations page of flood, hazard,
n Budget for current year c
n Budget for previous year, including year-end results and wind policy
n Current balance sheet, income statement, and YTD n Master policies for all buildings
financials including delinquency report and reserve
Condo Questionnaires
details (within 60 days) c

Once all documents are gathered, we can help you submit to your local HUD office
for approval. Please allow up to 5 months to process your application.

Call today for more information!