FHA has just announced that the implementation date for the new condo guidelines has been pushed back again, until December 7.

Good news for condo buyers and owners.

Originally, the new rules were to take effect at the end of October, but FHA granted a reprieve until November.

Now the new implementation date is December 7. Lender spot approvals will be accepted until then.

Possibly even more important with the announcement today, FHA will issue new guidance with "additional leniencies to address the difficult market conditions."

A new mortgagee letter is expected out in a couple weeks with updated guidance. Mortgagee letter 2009-19 initially announced the new condo guidelines.