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.
To the right are the
documents that must be included
with your application!
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!
c Management agreement between
Homeowners Association (HOA) and
management company
c All legal documents including Covenants,
Conditions & Restrictions (CC&Rs) (plus
amendments) and recorded site plans
c Signed or recorded bylaws
c Articles of incorporation filed with the state
c
Financial documents
n Budget for current year
n Budget for previous year, including year-end results
C
n urrent balance sheet, income statement, and YTD
financials including delinquency report and reserve
details (within 60 days)
c Declarations page of crime/embezzlement
policy that management firm has to cover
HOA
c Declarations page of liability policy
c Fidelity bond must be in place and equal at
least 3 months of dues plus reserves
n $300,000 in dues ($100,000/month)
+ $1,000,000 in reserves
$1,300,000 bond
c Declarations page of flood, hazard,
and wind policy
n Master policies for all buildings
c Condo Questionnaires
AAG081