"They just keep on changing these rules, don't they?" It was an honest question from a frustrated agent.

Here is what I do know: FHA Concentration can shoot you in the foot. HUD Mortgagee Letter 2009-46B in Section 1 Subsection V Paragraph 10 parts a, b and c tells us about FHA Concentration and how to see it coming from miles away. Keep in mind you can still get financing in developments which have reached the maximum concentration levels specified by HUD for FHA insured loans but not with FHA.

The easies rule to remember is thirty percent (30%). If the project development (not phase) has 30% or more of the available units financed with an FHA insured mortgage there will be no further issuance of FHA case numbers in that project. In a nutshell this means there will be no more FHA loans issued for those condominiums until the concentration level again falls below 30%.

For condominiums consisting of three or fewer units only one unit may be financed with an FHA insured loan. With condo projects of four or more units the 30% rule comes in to play. If you are math challenged just remember for every 10 units in the project only 3 can be financed with an FHA insured loan.

So remember, in Georgia and especially the metro Atlanta area, even if I have not yet closed a condo loan in your new or existing condo project I know a few things about condos. This might be the first time you and I have ever met but one look at my gray hair and you'll know I didn't just step off the chicken farm yesterday.

I do condo loans. Give me a call and let's chat then let's get your loan closed. Right Mrs. Martin? (Mrs. Martin came to me with a very unusual and challenging condo loan and we are closing on Friday. No other lender she worked with including banks with two or three words in their name could get it done for her.)