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Non Approved Condo Projects

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NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
"A Condominium Project must be on the list of FHA approved condominiums unless it meets the definition for a Site Condominium".

Has there been any change regarding this? I know that there was a HUD Release on Sept. 27, 2016 (HUD No. 16-146) which proposed new approval process for condominium developments, but just was wondering if anything came of this.

Currently, if a condo project is not approved, then the unit within it cannot be purchased FHA.
Is this correct?
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
NO you are confusing issues the case number is determined by the type of ownership .. In California a #703 means single family home and a #734 means condo ( attached or site condo ) BUT it does not matter because when the FHA DE-Underwriter or authorized person orders the FHA case number on the property the system says the project is Either approved or NOT approved and there are many projects that are added or removed all the time and the lenders have real time reporting on this issue "V" appraisers poking around the dated HUD site .

So as the appraiser if you have a FHA Case Number #734 from the lender go do the appraisal and make sure you are paid the normal fee you charge for FHA. This has nothing to do with being Attached condo or a site condo . If they come back in two weeks and say they screwed up charge a fee to convert to a conventional.

 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
FHA has/had a list of approved ( by FHA ) condos. There might be a published list or website...the lender is supposed to look that up imo.

If FHA does not have the condo on its approved list, then FHA will not insure a loan on the condo ( far as I know, since I am not on the lender side). Check with your client if it is the subject you are referring to.
 
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