appendix a: How to Avoid Big Fines and Delays with HUD - 08/26/15 09:17 PM

Last week, I attended a two-day session about FHA condominium project approvals with HUD in DC.  Incomplete submissions and the Appendix A Project Certification were among the most important topics discussed.
First off, HUD will only review packages submitted by the following entities: Lender, Builder/Developer, HOA, Management Company, Attorney or Consultant.  They have been receiving packages from real estate agents, mortgage loan officers, unit owners and others.  Moving forward, any packages submitted by any entity who do not belong to the first group will be returned without review.
Secondly, incomplete packages submitted to HUD will be returned to sender prior to review.  It … (4 comments)

appendix a: FHA Condo Approvals – Update on Appendix A: Project Certification - 10/16/12 04:10 AM
FHA Condo Approvals – Update on Appendix A: Project Certification
Last month, HUD released Mortgagee Letter ML2012-18 which provided updated guidance on condominium approvals.  Among the updates was a new version of Appendix A, otherwise known as the “Project Certification”.
When I attended the HUD seminar in Philadelphia in September 2011, the original version of Appendix A had recently been made effective.  Here, the speakers from HUD noted that they were working on a new version of the form.  Last month, the new form was released and was to be effective October 13, 2012.
Last Friday, October 12, HUD issued … (1 comments)

appendix a: FHA Condo Approvals – I Wouldn’t Recommend That - 03/25/12 08:39 PM
FHA Condo Approvals – I Wouldn’t Recommend That
This past week, I fielded a call from New Mexico from the developer of a condominium project regarding getting approved with HUD/FHA.  She had run across my article about new construction and had questions for me regarding her project.
The project is in two phases and only the first phase is complete, a total of 50 units.  Of those, 8 are owned by the developer and are rented to tenants.  This means that she owns more than 10% of the units and the project is not approvable.
She then tells me that technically … (15 comments)