FHA Connection is a service that I use to findout if A condo is FHA approved or not. Contact me at
http://www.FHAmortgagePrograms.com
and I will find out if the condo unit is approved for FHA financing or not.

Sun May 4 2008, 14:17

Florida is a huge state with many different markets. In North East Florida we have many condos that ARE FHA approved. FHA is supporting home OWNERSHIP. It has requirements as to the percentage of rentals in a building. The percentage of investor owned condos is too high in most South FL condo buildings so they don't bother.
Phil

Thu May 1 2008, 12:10

Below is a FHA condo questionaire that Wells Fargo sends to condo buildings to see if they can be approved. I don't know of any service that does this. You can get the form from the mortgage broker or bank and have the individual condo association fill out to see if the building can be approved for FHA

FHA Homeowner’s Association Certification
Borrower’s Name
Date
Loan #
WF Contact Name & Phone
Project Name and Address
1. Has the project, or any phase within the project, been previously approved by FHA? Yes 􀂅 No 􀂅
2. Is the project subject to additional phasing and add-ons? Yes 􀂅 No 􀂅
3. Have the homeowners been in control of the HOA for at least one year? Yes 􀂅 No 􀂅
4. Total number of units in the project: ______________
5. Number of units sold and closed: ______________
6. Number of units rented: ______________
7. Number of units currently financed by FHA mortgages ______________
8. Does any one entity own more than one unit? Yes 􀂅 No 􀂅
If yes, list how many each owns: __________________________________________________________________________________________
9. Are there any pending special assessments? Yes 􀂅 No 􀂅
10. Is there any litigation against the HOA, Director and/or Officer related to the HOA? Yes 􀂅 No 􀂅
If yes, explain
__________________________________________________________________________________________
11. Are there any adverse environmental factors known that affect the project as
a whole or individual units? Yes 􀂅 No 􀂅
12. Does the Home Owner’s Association have a reserve fund separate from the operating account? Yes 􀂅 No 􀂅
If yes, is it adequate to prevent deferred maintenance? Yes 􀂅 No 􀂅
Current amount in fund $_____________
13. Do the project legal documents include any restrictions on sale which would limit the free transferability of title (i.e. age restrictions, First Right of Refusal, low-moderate income restrictions)? Yes 􀂅 No 􀂅
If yes, explain __________________________________________________________________________________________
14. Is the unit part of a legally established condominium project, in which common areas are owned jointly by unit owners? Yes 􀂅 No 􀂅
Insurance
15. HOA is named insured on master insurance policy? Yes 􀂅 No 􀂅
If no, explain __________________________________________________________________________________________
16. Are common elements/limited common elements insured to 100% replacement cost? Yes 􀂅 No 􀂅
17. Coverage $ ____________ Deductible $ ______________ Expiration date: ____________________
18. Are units or common improvements located in a flood zone? Yes 􀂅 No 􀂅
If yes, is flood insurance in force Yes 􀂅 No 􀂅
Does this cover 100% replacement Yes 􀂅 No 􀂅
Or, is this coverage maximum available per federal flood program? Yes 􀂅 No 􀂅
19. Is the HOA insured for general liability Yes 􀂅 No 􀂅 If yes, amount $________________
20. Minimum number of days required for written notification to be given to HOA or insurance trustee before any substantial changes or cancellation of the project coverage?
The above information was provided by the following representative of the project owners association.
Name:
Phone:
Position/Title:
Date:
Signature:
NMFL #7078F Rev. 08/2007

Thu May 1 2008, 11:03