- The attached FHA Condominium Loan Level/Single-Unit Approval Questionnaire (Form HUD-9991) must be completed and uploaded within Fusion as Document Type "Condo Approval Docs" along with any supporting condo documentation required by the form. Section 1 should be completed using Century's information (Lender ID 1664800001), while sections 2-4 must be filled out and signed by a representative of the condo association or management company.
- FHA Spot Approval before requesting your case number to let our team know that a single unit approval is needed. FHA will review the condo documents and issue a case number once approved or request additional documentation as needed.
- No estimated waiting period is provided and will likely depend on the volume of requests, so in order to prevent delays in case number assignment please make sure the FHA Questionnaire and supporting documentation are fully complete.
- FHA will only allow single-unit approvals for up to 10% of the units in a project (or up to 2 units for projects of 10 units or less). Once this amount is filled, the condo will need to go through the full approval process before more FHA loans can be closed within it.
- If a condo already has at least 1 phase fully FHA approved, then units in any other phase are not eligible for single unit approval. They will need to submit to add additional phases to the current FHA approval.
- Single unit approval loans that require a manual underwrite are capped at 90% maximum LTV/CLTV (no LTV/CLTV cap for DU Approve/Eligible loans).
- Projects with less than 5 units are not eligible for single unit approval.
- The unit is approved must either have been previously occupied or the Certificate of Occupancy must have been issued for at least one year. Newly built condo units are not eligible for single unit approvals.
MORE INFO BELOW IN ARTICLE FROM YAHOO ABOUT NEW FHA FINANCING GUIDELINES