Requirements for properties to be FHA (Federal Housing Administration) approved change on a daily basis. There is no exact set of rules for approval. Regulations vary from state to state and county to county. Several factors determine a property's ability to be FHA approved. The use of a licensed real estate agent makes the process less confusing for home buyers and eliminates the need for the buyer to consistently check on changing FHA laws. Keep in mind that regulations for FHA-approved properties are different for condos than single family homes.
Things You'll Need
- Type of property
- Condition of property
- Amount of loan
Determining FHA-approved Homes
Determine the type of property. Differences exist between condos and single-family homes. Most single-family homes qualify for FHA approval.
Evaluate structural status. Properties not being found to be structurally safe or those that incapable of passing a housing inspection typically do not qualify for FHA approval. Homes usually fall under HUD regulations if not approved by FHA.
Calculate the amount of the loan. The amount of the loan, in most states, must be under $500,000 to be FHA approved. Loans falling under $100,000 qualify as HUD loans in some states.
Tips & Warnings
- Check with the FHA requirements for your state to determine loan amounts
- Using a real estate agent may make the process easier
- Regulations change on a daily basis, so use caution when relying on older information
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