Here are two ways to get FHA status renewed:
1. HOA needs to file a HRAP to have the FHA status renewed. It can take 6 to 8 weeks to get the status updated.
2. If your lender is authorized by HUD to process applications for condo FHA appravals they can file a DELRAP to get the status renewed. The DELRAP takes 1 to 2 weeks to get the FHA status renewed.
Best Of luck to you,
Kawain Payne, Realtor
Yes, the Home Owners Association would have to apply for approval status. There are some guidelines for approval. 51% of building needs to be owner occupied, in other words, more owners and less rented units in building. I never heard of one expiring unless it does not meet the guild lines anymore...
Most loans now a days are FHA!
Hope that helps, If you have anymore questions just call
Madelaine Kolisnyk, Realtor
http://www.MadelaineK.com you can search property here directly linked to our realtor MLS.