The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Uses and Use Restrictions
HUD insures mortgagees against loss on FHA-insured mortgage loans.
These loans may be used to finance the acquisition of or refinance individual units in FHA-approved proposed, under construction, existing or converted condominium projects containing two or more units.
The maximum insurable loan for an occupant mortgagor is the same as Section 203(b) ? Program 14.117.
All individuals and families are eligible to apply.
Eligible unit must be in an FHA-approved condominium project. Documentation regarding the function and characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the loan package. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The application is approved by the mortgagee.
National Housing Act, as amended, Section 203(b) requirements.
Range of Approval/Disapproval Time
From 15 to 30 days. Varies.
An FHA-approved mortgagee who has unconditional Direct Endorsement authority underwrites and approves or rejects the loan application. If the loan is denied, the mortgagee issues a denial letter to the mortgagor advising of the reasons(s) for rejection of the loan application. The mortgagor may appeal to the mortgagee in writing for reconsideration of the initial loan decision.
Formula and Matching Requirements
This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
The mortgage term may extend for 30 years. See the following for information on how assistance is awarded/released: As necessary.
Post Assistance Requirements
Mortgagees are required to service and maintain files in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations.
(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
ML 2011-22, ML 2012-18, ML 2014-17 and ML-2015-27
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at firstname.lastname@example.org or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Wanda Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: email@example.com Phone: 800-225-5342
Criteria for Selecting Proposals
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