On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status. The Atlanta zip code of 30308 has 4 of them. There are 3 projects that will expire in 2011 and 9 are good until 2012.
FHA Approved Condo Projects - Expiring 12/07/10
- 795 Myrtle Street Condominiums
- Siena at Renaissance Park
- The Reynolds
- The Tyree Condominiums
FHA Approved Condo Projects - Expiring 12/08/10 or later
- 400 W Peachtree (Expires 12/07/11)
- Glendale Heights (Expires 07/26/12)
- Melrose Park Condominium (Expires 10/05/12)
- Palisades By the Park (Expires 11/09/12)
- Renaissance Lofts (Expires 06/17/12)
- Renaissance Park (Expires 08/02/12)
- Renaissance Park II Condominiums (Expires 08/02/12)
- Spire (Expires 11/26/12)
- The Cornerstone Village (Expires 04/12/12)
- The Dakota (Expires 08/11/12)
- Troy Peerless Lofts (Expires 12/07/11)
- Viewpoint Residential - Tower 1 (Expires 12/07/11)
FHA Rejected Condo Projects
- Ivy Hall (Reason - incomplete package was submitted)
- The Desoto (Reason - unknown)
A project marked as "Rejected" is not necessarily ineligible for FHA financing. If there is now additional information available for review, the project can be resubmitted to HUD for an HRAP review.
All condominium Project approvals expire two years from the date the project is added to the approved condominium list. After this two year period, the project must be re-certified/re-approved. This review will determine whether or not the project is still in compliance with all of HUD's guidelines. This includes compliance with the owner-occupancy requirement and that no additional conditions exist that would present an unacceptable risk to FHA/HUD.
For buyers and sellers, knowing whether or not your condo is FHA approved is crucial when determining a closing time frame. An FHA appraisal cannot be ordered until the project is in an "Approved" status.