How to Find FHA Approved Condos
New or Newly Converted Condos:
To determine project eligibility on current projects with Fannie Mae go to www.efanniemae.com
click Single Family tab
click Reference materials
click Accepted Condos
click Appropriate State and review expiration date
Established Projects (90% sold & conveyed and owners control HOA)
Email opuscondospotapproval@wellsfargo.com to see if we have project approval.
If not, can submit to BPAG using streamlined “Established Condo” approval process
Possible FHA approved Condos:
https://entp.hud.gov/idapp/html/condlook.cfm
Sort by Project Name, City and/or State
FHA Spot Approval:
Must be 90% sold and closed
Must be 51% o/o or 2nd home
Owners must have controlled HOA for 12 months
See FHA 921 and Answer key on Regional Builder Website
** Make sure to get a 921 filled out and review for the following:
1. # total units, sold and closed and investor %
2. Ensure no more than 15% of total units are delinquent on HOA dues
3. Ensure no person or entity owns more than 10% of the units
4. Ensure proper insurance coverage including Fidelity Insurance
