Mortgage Insurance Purchase of Units in Condominiums
To enable individuals and families to purchase or refinance eligible units in FHA-approved condominium projects.
General information about this opportunity
Last Known Status
Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development
Type(s) of Assistance Offered
F - Guaranteed/Insured Loans
National Housing Act, as amended, Section 203(b) requirements
Who is eligible to apply/benefit from this assistance?
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.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable.
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.
Approval/Disapproval Decision Time
From 15 to 30 days. Varies.
How are proposals selected?
How may assistance be used?
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.
What are the requirements after being awarded this opportunity?
Mortgagees are required to service and maintain files in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.
Matching requirements are not applicable to this assistance listing.
MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
The mortgage term may extend for 30 years. As necessary.
Who do I contact about this opportunity?
Regional or Local Office
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 email@example.com or visit the FHA Resource Center site at https://www.hud.gov/program_offices/housing/sfh/fharesourcectr
451 7th Street, SW
Washington, DC 20410 US
(Guaranteed/Insured Loans) FY 18 FY 19 FY 20 -
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
See HUD Handbook 4000.1 at https://www.hud.gov/program_offices/housing/sfh/handbook_4000-1
Examples of Funded Projects