FHA Condo Spot Approval Checklist
FHA Condo Spot Approval Checklist
General Items
- Review the FHA guidelines for spot approval.
- Prepare a cover letter outlining the approval request.
- Submit a complete application package to the lender.
- Follow up with the lender regarding the approval status.
Eligibility Criteria
- Verify that the condo project is approved by FHA.
- Check if at least 50% of units are owner-occupied.
- Ensure the project has a maximum of 30% of units under 90-day rental leases.
- Confirm that the condo is not located in a flood zone.
- Verify that the condo association has been established for at least one year.
Documentation Requirements
- Obtain the condominium project’s bylaws and declarations.
- Request the master insurance policy for the project.
- Collect financial statements of the condo association for the last two years.
- Get the budget for the current fiscal year of the condo association.
- Obtain a list of homeowners association fees and payment history.
Compliance Checks
- Ensure the project complies with local zoning laws.
- Verify that the project meets safety and construction standards.
- Check for any pending litigation against the condo association.
- Confirm that the project has a reserve fund for maintenance.
- Ensure there are no more than 15% of units in arrears on HOA dues.
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