A lot of questions have come up on the new load approval process for the FHA. Parker Finch, a Phoenix based HOA community management company has investigated to make it easy to you to understand the new policies. If you contact Parker Finch you can get information they gained from a seminar they attended by Carpenter, Hazelwood, Delgado & Wood on FHA approvals for condominiums.
Three quick questions to understand your approval
- Are less than 50% of all units owner occupied
- Do you currently have an excess of 15% in delinquencies
- Does one person own more than 10% of all units
If you answered yes to any of the three questions listed above you will not be approved for FHA loan. Learn more by contacting Parker Finch.