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| ```markdown | |
| ## II. Origination Through Post-Closing/Endorsement | |
| ### C. Condominium Project Approval | |
| #### 2. Project Eligibility | |
| ##### ii. | |
| ##### iii. | |
| ##### iv. | |
| ###### (B) Standard | |
| Form HUD-9992 must be completed, signed, and dated by an eligible submission source or a DELRAP Mortgagee. | |
| --- | |
| ### Recorded Documents | |
| #### (A) Definition | |
| Recorded Documents refer to the Condominium Project’s legal, project, and governing documents that are required to operate legally as required by state and local law. | |
| #### (B) Standard | |
| The Condominium Project’s Recorded Documents must be recorded in accordance with applicable state and local law to ensure the Condominium Project meets the legal and operational requirements in the local jurisdiction. | |
| #### (C) Required Documentation | |
| Copies of Recorded Documents must be submitted. | |
| --- | |
| ### FHA Insurance Concentration | |
| #### (A) Definition | |
| FHA Insurance Concentration refers to the number of FHA-insured Mortgages within a Condominium Project. | |
| #### (B) Standard | |
| FHA may suspend project eligibility of Condominium Projects where the FHA Insurance Concentration is greater than 50 percent of the total number of Units in the Condominium Project. | |
| --- | |
| ### Owner Occupancy Percentage | |
| #### (A) Definition | |
| Owner Occupancy Percentage refers to the percentage of Units considered owner-occupied as shown in the calculation. | |
| --- | |
| **Handbook 4000.1 788** | |
| **Last Revised: 01/10/2025** | |
| ``` |