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 temporarily increased to 50% and up to 100% if certain requirements are met.

OWNER OCCUPANCY: 50% or more must be owner occupied or sold to people who will occupy. Vacant or tenant occupied REOs, including properties that are bank owned, may be excluded from the 50% calculation. 

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