Effective immediately, FHA no longer requires FHA Condominium Project Approval or Spot Loan Approval for "detached" site condominiums. All other condominium requirements, including the following items, remain in place for "detached" site condominiums:
*Condominium Rider is required.
*The appraisal must be completed using Condominium Appraisal Form 1073. Section of the Act is 234(c)
*$1,000,000 liability insurance coverage is required (certain investors require evidence of liability insurance before clearing a loan to close)
Rainer
104,193
104,193
Lester Wilkins
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Various thoughts and insights into the mortgage industry. Mingled with a little humor and various musings by the author.
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