If you didn’t get the word already, FHA Spot condo approvals have been eliminated as of 10/1/09. We can submit for project approval via our sponsors, but I am sure it will be a very tough process, as the Lenders are now responsible for issuing the FHA project approval not HUD.
Per Mortgagee Ltr 2009-19, this is part of the Housing and Economic Recovery Act, HERA and HUD will continue to maintain a list of approved condo projects.
FHA to FHA streamlines do not require project approval.
FHA REO’s don’t require project approval.
Project approvals are good for 2 years, after 2 years they will require a re-certification to determine they still meet FHA criteria. This also applies to all projects currently on the list of approved condos.
No comments:
Post a Comment