budget issues: FHA Condo Approvals - Budgets - 09/30/11 04:33 AM
FHA Condo Approvals – Budgets
HUD released new guidance regarding budgets when it issued Mortgagee Letter ML11-22.  Prior to this, the review of the budget was somewhat subjective in nature.
I wanted to write about budget guidelines as it pertains to FHA condo approvals because HUD noted that more condominium projects are being Rejected due to budget issues than for any other reason.  If projects understand what it is that HUD is looking for, it will alleviate a lot of the stress and make it easier for projects to get approved or recertified.
HUD looks at the financial viability of the … (2 comments)