Originating: The Condo Conundrum

Written by Mike Jacobus, as originally published in The Reverse Review.

Do you have a potential borrower looking to obtain FHA approval for a reverse mortgage loan on their condo? Changes to the laws governing FHA loans on condominiums in February 2010 eliminated “spot approval” for reverse mortgages. Now, according to federal law, an entire condominium building or townhome complex must be granted FHA approval before a buyer can purchase a unit with a reverse mortgage or before an existing

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owner can take a reverse mortgage on the property.

Here’s what you should know about obtaining approval for a HECM loan on a condominium:

-The condominium project must be primarily residential, contain at least two dwelling units and can be a detached or

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semidetached property, a row house, a walkup, a mid-rise or a high-rise, or manufactured housing.

-No more than 25 percent of the complex’s total floor area can be used for non-residential/commercial purposes, although HUD has said that exceptions may be considered

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on a case-by-case basis. Note, however, that FHA has put in place a temporary guideline allowing for up to 35 percent commercial space.

-No more than 10 percent of the units may be owned by one investor or entity. Note, however, that another temporary guideline has removed this requirement for the time being.

-No more than 15 percent of the total number of units can be more than 60 days past due on their condominium association fee payments.

-At least 50 percent of the units must be owner-occupied or sold to owners who intend to occupy the units.

-FHA will not insure any mortgages in an approved project if 50 percent or more of the units are FHA-insured, although exceptions may be made on a case-by-case basis.

-Budget and financial documents for existing projects (those that are less than 12 months old) must include a current annual budget for declared phases, a current balance sheet less than 90 days old, and an actual income and expense statement for the project. Note that bank statements and other information may also be requested.

-Documentation must include information regarding special assessments and pending litigation.

-The complex must be covered by hazard, flood, liability and other insurance required by the state or by local condominium laws, or be covered by insurance types deemed acceptable to FHA.

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3d rendering of a row of luxury townhouses along a street

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