Page 1 - AAG081_FHA Condo Approval Flyer

More Ways to Access Your Home Equity

Apply Today to Get Your Condo Approved by the FHA

Condominiums 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.

Declarations page of crime/
M
To the right are documents n anagement agreement between n
that must be included with Homeowners Association (HOA) and embezzlement policy that
your application! management company management firm has to cover HOA

A
Once all documents are n ll legal documents including n Declarations page of liability policy
gathered, we can help you Covenants, Conditions & Restrictions
submit to your local HUD (CC&Rs) (plus amendments) and n idelity bond must be in place and
F
office for approval. Please recorded site plans equal at least 3 months of dues plus
allow up to 5 months to reserves
process your application. n Signed or recorded bylaws $300,000 in dues ($100,000/month)
+ $1,000,000 in reserves
n rticles of incorporation filed with = $1,300,000 bond
A
the state
Declarations page of flood, hazard,
n
n Financial documents and wind policy
- Budget for current year - Master policies for all buildings
- Budget for previous year, including
C
year-end results n ondo Questionnaires
- Current balance sheet, income
statement, and YTD financials Call today for
including delinquency report and
reserve details (within 60 days) more information!