FHA temporarily eases guidance on condo approvals

The Condominium Project Approval and Processing Guide (Guide) is designed to provide the Federal Housing Administration (FHA) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)

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Mortgagee Letter 2009-46A (temporary guidance for condominium approvals). Under the Temporary Guidance: The "Spot Loan" approval process will continue through February 1, 2010, after which it will be replaced by the new Direct Endorsement Lender Review & approval process (delrap); and; The 30% cap on FHA loans per condo project will be.

FHA and VA Condo Approval Tutorial On June 30, 2011, FHA issued revised lending guidelines that, yet again, made significant changes to the FHA approval process for condominiums. This most recent guidance came in the form a new FHA Condominium Project Approval and Processing Guide-a 95-page beast of a document-that completely replaces all prior guidelines and becomes the.

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In November of 2015, the FHA and HUD ran a press release announcing temporary guidance making it easier to get a condo project added to.

FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an.

analysis of what this means for your condominium association, please see FHA Condo FAQ. Temporary Guidance for Condominium Policy: FHA will continue the existing spot loan approval process through February 1, 2010. The Temporary guidance is effective for all FHA case number assignments between December 7, 2009, and December 31, 2010.

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The new guidance is effective for all project approvals or reconsiderations submitted for review going forward. To protect the dwindling emergency insurance fund, the FHA put stricter rules in place. According to the changes made Thursday, no more than 15% of the total units can be delinquent by 60 days or more on their condo association fees.

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FHA Eases Condo Restrictions With Immediate Effect Posted by Amrock In an unexpected move, the Federal Housing Administration (FHA) has made temporary yet immediate changes to its condominium rules , reports National Mortgage News.