Showing posts with label condo loans. Show all posts
Showing posts with label condo loans. Show all posts

Kentucky FHA Single Unit Condo Approvals

Kentucky FHA Single Unit Condo Approvals

Effective October 15th, the new Kentucky FHA Single Unit Condo Approval process will be going into effect. This process will allow individual FHA condo loans to close without the project going through the full condo approval process. A Kentucky  FHA Single Unit Condo Approval must be requested concurrently with a Case Number Request as follows


The full FHA process and requirements can be found in the 4000.1 Handbook and Mortgagee Letter 2019-13, but a couple key points are
  • 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.




New FHA Single Unit Approval (SUA) Expansion



Project Eligibility*

· At least five units

· 10 or more units, up to 10% may be FHA-insured
· Less than 10 units, up to two FHA-Insured units
· At least 50% owner-occupancy
· Maximum of 35% commercial space
· Maximum 10% individual ownership
· Has a Certificate of Occupancy that was issued at least one year ago or has been occupied
· Manufactured homes, gut rehab or new construction is not eligible
· Budgets require 10% reserve or amount supported by reserve study
· Applications must receive an Accept from TOTAL Mortgage Scorecard or have a maximum 90% LTV for an Accept Risk Classification requiring a downgrade to Manual
Underwriting.
*Additional eligibility requirements apply





Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle

Louisville, KY 40223
Company NMLS ID #1364


click here for directions to our office

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com


https://www.mylouisvillekentuckymortgage.com/






MORE INFO BELOW IN ARTICLE FROM YAHOO ABOUT NEW FHA FINANCING GUIDELINES


https://finance.yahoo.com/news/want-to-buy-condo-financing-just-got-easier-200405221.html





Condo Buyers Guide: What you need to know when buying a condo


Condo Buyers Guide: What you need to know when buying a condo

Click on this link below for information about financing condos


↓↓↓↓↓↓↓

http://www.homepath.com/content/pdf/vendorresources/Marketing_Center_Condo.pdf



Louisville Kentucky FHA Condo Guidelines 
A detached condo for a FHA Mortgage Loan  is called a site condo and DOES NOT require FHA condo project approval!!
Site Condos are a SINGLE Family TOTALLY DETACHED Dwelling. No shared garages or any other forms of attached buildings. There cannot be ANY kind of attachments connecting any part of any building including decorative arches or other types of architectural elements.
Use appraisal form 1073 for site condos.




Joel Lobb
Senior  Loan Officer
(NMLS#57916)


 phone: (502) 905-3708
 Fax:     (502) 327-9119



Kentucky FHA Condo Mortgage Loan Apply Below
















 Click this link here for a FHA Condo Loan Approval in Kentucky !