Mortgage Insurance Purchase of Units in Condominiums
Active
- Assistance listing
- 14.133
- Agency
-
Assistant Secretary for Housing Federal Housing Commissioner
Department of Housing and Urban Development
- Grant awards
- Not on record
Program facts
- Also known as
- Mortgage Insurance- Condominium Units
- Treasury account
-
- 86-4587-0-3-371
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The Department of Housing and Urban Development's Federal Housing Commissioner administers the Mortgage Insurance Purchase of Units in Condominiums program (CFDA 14.133) to enable individuals and families to purchase or refinance eligible units in condominium projects by providing mortgage insurance to HUD-approved lending institutions.
The program insures mortgages secured by condominium units for purchase or refinance transactions, with mortgage terms extending up to 30 years. All legal residents are eligible to apply. FHA-approved lenders underwrite and approve or deny loan applications; borrowers rejected by one lender may reapply with the same institution or another HUD-approved lender. Mortgagees must service loans and maintain files in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations.
The source provided does not include a grant award portfolio, recent award activity, award magnitudes, recent grant opportunities, or application due dates. No information is available regarding recent funding disbursements, award cadence, assistance-type composition, or the scale of federal dollars obligated under this program. The absence of these data points suggests the source material may be limited to program description rather than current funding activity tracking. Prospective applicants should verify current program status, recent award activity, and open solicitation windows directly with HUD's Office of Single Family Housing or through Grants.gov.
Objective and description
- Objective
To enable individuals and families to purchase or refinance eligible units in condominium projects.
- Description
Provides insurance to HUD approved lending institutions for mortgages secured by units in a condominium project made for purchase or refinance.
Eligibility
- Applicant eligibility
All legal residents are eligible to apply.
- Beneficiary eligibility
Individuals/families.
- Uses of assistance
HUD insures mortgagees against loss on FHA-insured mortgages. These mortgages may be used to finance the acquisition of or refinance individual units in FHA-approved completed condominium projects containing two or more units. The maximum insurable loan for an occupant mortgagor is the same as Section 203(b) - Program 14.117.
- Length and time phasing of assistance
The mortgage term may extend for 30 years.
How to apply
- Preapplication coordination
Lenders must be approved by FHA for participation in the program
- Award procedure
An FHA-approved lender underwrites and approves or rejects the loan application.
- Time to approval or disapproval
Varies.
- Appeals
If the loan is denied, the lender issues the reasons(s) for rejection of the loan application. The borrower may reapply with the same lender or another HUD approved lending institution.
Quick answers
What is Assistance Listing 14.133?
Assistance Listing 14.133 is Mortgage Insurance Purchase of Units in Condominiums, a federal grant program run by Assistant Secretary for Housing Federal Housing Commissioner (Department of Housing and Urban Development).
What is the CFDA number for Mortgage Insurance Purchase of Units in Condominiums?
Its CFDA number is 14.133: Assistance Listing numbers were called CFDA numbers before 2018.
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