NEWS FLASH: the Department of Housing and Urban Developed announced today that they will delay changes to the FHA Condo policy. This is good news to anyone involved in the low to mid range condo market. The changes have been delayed until December 7th (after initially being delayed from last year until this month, and then were pushed back again until November).
They have also announced additional leniencies to address the difficult market conditions and augment some portions of the Mortgagee Letter 2009-19, providing additional information.
So "Spot Loan Approvals" are still on for another month!
Here's where you can find the FHA Mortgagee Letters 1996-41 and 2009-19: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
There are also new Mortgagee Letters I haven't gone through yet, but they can be found at the same site.
Enjoy!
-James Wirth
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