FHA notice on delay in FHA condominium changes
By Larry Hillhouse and Nancy Costa
(Healthy Homes by Design)
FHA notice on delay in FHA condominium changes: Implementation of FHA's new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009. The new guidance, to be issued within the next two weeks, will: Ø offer additional leniencies to address the difficult market conditions Ø augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification. Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41. Further, the site condo changes that have already been implemented are not affected by this delay. To read FHA Mortgagee Letters 1996-41 and 2009-19 please visit:http://www.hud.gov/of...
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