Any Condo Can Be Approved - Condo Spot Approval Process

DYK that under the new condo approval process virtually any condo can be approved manually by a lender if all condo docs are submitted in an electronic attachment at once to the lender?

Under the new DELRAP Approval process the DE Underwriter inputs data using pertinent data from the following list:

1. Covenants, conditions & restrictions (C, C & R’s/Deed restrictions)
2. Fidelity Bond & Blanket policy
3. Completed condo questionnaire

4. P&L, budget & Financials

5. HOA/Condo cert showing amt of assessments, frequency of assessment pmts req’d & if they are current

6. % of FHA concentration

Once input it generally takes 2-5 business days for HUD to issue conditional approval; after the complex has been approved, all other units can be manually approved by the lender all electronically.

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