Special offer

Is my condo approved?

By
Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

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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Kathy Sheehan Senior Loan Officer

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770.634.4021

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Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is a good questions.. along with many others... buying a condo can be tricky in the current market... it's imperative to get condo docs, budgets, rules and regs and find out about current and potential special assessments, # of foreclosures and whether the association has taken out and loans.

Jan 22, 2011 03:05 PM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

I like to be proactive, so getting this information upfront can save everyone time and money. 

Jan 22, 2011 03:13 PM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Kathy, Good to know when considering a condo purchase. It's important to check to be sure that it is an approved complex as soon as possible.

Jan 23, 2011 07:54 AM