HUD Changes are Drastic

Don’t let the lack of HUD certification cause damage to your condominium community.  There have been major changes made and those not up to speed will suffer the most from the changes to these condo approval Miami area programs. 

• Recertification is now required every two years
• HUD required a mandatory recertification for all projects approved prior to October 2008
• Spot approvals have been eliminated

Allowing your condo community to fall off the HUD approved list could spell major trouble down the road.  Those people that only qualify for FHA loans won’t even consider a home in your condo community.  They won’t know about them and won’t be able to look at them; this could cause major trouble for current homeowners as well as those seeking condo approval Miami area loans. 

If you aren’t HUD certified, we can help.  We have over 30 years combined experience to lend to helping your community become certified.  Let us, the Condo Approval Group help you get started towards becoming HUD certified today and finding more condo approval Miami applicants. 

We have worked directly with HUD to help people get FHA loans and also to help condominium communities to become certified.  In order to achieve success for your community it is imperative that you be able to accommodate those with only FHA financing.  In today’s real estate market you must do everything you can to thrive. 

It’s Important to be HUD certified

Without the option of FHA condo approval Miami programs to purchase a home within your condo community you will be missing out on a large chunk of potential homebuyers.  Those homebuyers only qualify for FHA financing and won’t be able to purchase a home within your property.  In January of 2010 HUD made changes that drastically changed the recertification requirements. 

FHA loans are usually easy to qualify and have more leniencies towards income and credit score requirements.  If your community isn’t approved then buyers that only qualify for an FHA loan are unable to even consider a home in your property.  That could be devastating to your condo community.  Without a larger pool of potential buyers the current homeowners may lose market value on their homes. 

Less access to affordable financing could result in the loss of market value of homes with in your property.  Other loan programs have higher standards for approval and may result in a higher interest rate making the payment to high for most people to afford.  The FHA loan allows those to qualify for affordable financing. 

FHA Loans

The FHA condo approval Miami loans are more of a program, not an actual loan.  The Federal Housing Administration doesn’t actually lend any money out.  Instead what they do is ensure loans that other lenders supply.  This allows for qualified lenders to appeal to more potential buyers.  It originated in the 1930’s and the condo approval Miami applicants have been benefiting from it ever since..  This way if the borrower defaults, the lender will be protected by the FHA.  This is what allows those that are seemingly less qualified to get a condo approval Miami for a home loan.

In order to qualify to receive this type of financial support a condominium group must be HUD certified.  There are also many other benefits to the potential homeowner seeking condo approval Miami loans. 

• Minimal requirements for the co-signer
• As little as 3.5% of the purchase price can be used as a down payment
• 6% can be received to help with closing costs

When the buyers won’t qualify without a co-signer a blood relative can become the co-signer.  A benefit of the program is that the relative doesn’t have to live in the home being purchased. 

A small down payment is a huge help to those that otherwise wouldn’t be able to afford it.  Many people can afford the monthly mortgage payment but are unable to save for a large down payment. 

Home ownership is something that many Americans strive for.  For those with little credit or lower income this condo approval Miami program helps them get into a house they can afford. 

When you consider how many people fall into this group you would be doing a huge disservice to you condo community to not get HUD certified.  First time home buyers make up a large chunk of that home buying population; this is a demographic that you want to target to purchase homes in your community.