Approved Condominium Project

Approved Condominium Project

Approved Condominium Project refers to a Condominium Project that meets FHA Condominium Project Approval requirements as determined by review under DELRAP or HRAP. Approved Mortgage An Approved Mortgage is a Mortgage underwritten and approved by a Direct Endorsement (DE) underwriter, or covered by a Firm Commitment issued by HUD. Arm’s Length Pre-Foreclosure Sale (PFS) Transaction An Arm’s Length Pre-Foreclosure Sale (PFS) Transaction is between two unrelated parties that is characterized by a selling price and other conditions that would prevail in an open market parties involved in the transaction.