new fha rules for condo: New FHA Condo Guidelines Are Here
- 12/01/09 08:52 AM
FHA has just issued a new Mortgagee Letter spelling out the new guidelines on condominiums. They are as follows:SPOT APPROVALS: Due to the volatility of the condo market, FHA will allow spot approvals until February 1, 2010.CURRENTLY APPROVED CONDOS: All currently approved projects stay on the list with these future requirements.Projects approved before October 1, 2008 will require recertification on or before December 7, 2010.Projects approved between 10-1-08 through 12-7-09 will have to be recertified within 2 yrs from the date of placement on the approved list. This will be the case on all projects approved going forward.FHA CONCENTRATION: This is … (0 comments)
FHA has just issued a new Mortgagee Letter spelling out the new guidelines on condominiums. They are as follows:SPOT APPROVALS: Due to the volatility of the condo market, FHA will allow spot approvals until February 1, 2010.CURRENTLY APPROVED CONDOS: All currently approved projects stay on the list with these future requirements.Projects approved before October 1, 2008 will require recertification on or before December 7, 2010.Projects approved between 10-1-08 through 12-7-09 will have to be recertified within 2 yrs from the date of placement on the approved list. This will be the case on all projects approved going forward.FHA CONCENTRATION: This is … (0 comments)
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