Is my condo approved? This should be the first question many buyers ask before they make that offer. My recommendation is that real estate agents should check this out first. Just like everything else, condo approval has changed again. While the expiration date has been extended for many, I feel that older projects may run into more a problem.
Below is a quick reference as to the new expiration dates. I hope you will find this helpful.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 - 1980 December 7, 2010 December 31, 2010
1981 - 1985 December 7, 2010 December 31, 2010
1986 - 1990 December 7, 2010 May 31, 2011
1991 - 1995 December 7, 2010 July 31, 2011
1996 - 2000 December 7, 2010 August 31, 2011
2001 - 2005 December 7, 2010 September 30, 2011
2006 - 2008 (Sept) December 7, 2010 March 31, 2011
The reason given for the extensions was to reduce the impact of processing and reviewing the number of project approvals expiring at the same time. The current housing market conditions also played in this decision.
The www.HUD.gov website is full of information for agents and home buyers. Here is the link to verify if a condo project is approved https://entp.hud.gov/idapp/html/condlook.cfm .
If you still have a question, you should contact your licensed Mortgage Loan Originator.
Please be sure to check these sites to make sure your project is approved and that approval is still valid.
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