Condo financing made easy. Really.
Plaza Home Mortgage® is ready to help you take advantage of the new FHA Single-Unit Approval (SUA) process for condo financing. Now, individual condominium units can be approved for FHA-insured financing even when they aren’t in FHA-approved buildings or projects. This new process will open up more lending opportunities for you, and more buying and selling opportunities for borrowers and real estate agents.
We’re Plaza, and we really know FHA
Our steadfast commitment to client service, combined with nearly 20 years of experience in FHA and government lending, are what separate us from the crowd. Plus, Plaza’s dedicated condo lending department is here to help you delight your borrowers – on an FHA Single-Unit Approval or any kind of condo loan. So don’t stress, simply use Plaza.
Single-Unit Approval Parameters
To submit a condo to FHA for a SUA review, the project and loan will need to meet certain criteria, but key eligibility requirements to note are:
- LTV < 90% OR the application has an “Accept” from TOTAL Scorecard
- Condo project must have at least five units
- Project needs a Certificate of Occupancy issued at least 12 months prior or has been occupied for that duration
- Manufactured Housing is not eligible
Contact your Plaza Account Executive or email us at HereforYou@plazahomemortgage.com for all the details on this new FHA financing option, and let’s get started today!
FHA Single-Unit Approval in the News
HUD Releases New Condo Rules for Reverse Mortgages
Reverse Mortgage Daily
HUD SUA Press Release,