mortgagee letter 11 22: FHA Condo Approvals – Clarification of “Site Condominiums” - 08/19/11 07:15 AM
FHA Condo Approvals – Clarification of “Site Condominiums”
Prior to the release Mortgagee Letter ML11-22, HUD had exempted so-called “Site Condominiums” from the requirement to become approved in order for FHA financing to be allowed within the project.  ML11-22 clarified what a Site Condominium is in order for it to not be required to obtain HUD’s approval.
Site Condominiums are condominium projects that meet ALL of the following requirements:
Units are encumbered by a condominium declaration/covenant or condominium form of ownership. Units are single-family and completely detached from each other.  This includes garages, archways, breezeways/porches/decks or any other attached buildings. A … (1 comments)

mortgagee letter 11 22: FHA Condo Approvals - Mortgagee Letter 11-22 FHA Concentration Limits - 07/27/11 05:35 AM
FHA Condo Approvals – Mortgagee Letter 11-22 FHA Concentration Limits
As mentioned in a previous article, the recent release of HUD’s Mortgagee Letter ML11-22 has been extremely beneficial even though it tightened up some of the previous guidance provided by HUD for condominium project approvals.
In 2009, HUD’s Mortgagee Letter 09-46A temporarily increased the FHA concentration limit in a project from 30% to 50% with exceptions to allow for up to 100% FHA concentration. This limit was to sunset on December 31, 2010. It was then extended temporarily until June 30, 2011 via Mortgagee Letter 11-03 on January 5, 2011.
This … (0 comments)

mortgagee letter 11 22: FHA Condo Approvals - Mortgagee Letter ML 2011-22 - 07/26/11 07:43 AM
FHA Condo Approvals – Mortgagee Letter ML 2011-22
Recently, HUD released Mortgagee Letter ML11-22 in which it further clarified and modified the guidelines by which it approves condominium projects. Although condominium projects now have to jump through more hoops in order to get approved with HUD, the clarification of the required documents should make the process easier to go through.
The majority of the changes apply primarily to Pending, Under-construction and recently-converted (less than two years old) Conversion projects, including further defining the difference between a gut-rehab Conversion and a non-gut Conversion.
Phase 1 Environmental Assessment
One of the biggest modifications … (3 comments)