Tuesday, April 15, 2008


requires that condo's be approved by FHA. You can check the condo approvals by going to this web site https://entp.hud.gov/idapp/html/condlook.cfm. Here you will find your Condo ID.

If you Condo is not approved you can refer to Mortgage Letter 8-1-96 and possibly do a spot approval. You will need the Home Owners Association to complete items 1-13. This will be submitted with you loan and the DE underwriter has the authority to approve Spot condo's

The section of the act for condo's is 234(c). The ADP code if it is a Fixed rate is 734, if it is an ARM 731 and if it is a buy down it is 797

Town homes and PUD fall under the FHA section of the ACT 203b and do not have to be approved by HUD.

The MIP is calculated the same as on the 203b program (previously this was not the case but changed with Mtg letter 2005-38)