FHA temporarily eases guidance on condo approvals

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condominium project approvals where a single unit will be insured under Section 203(b) of the National Housing Act. The Guide is designed to provide comprehensive and clarifying guidance for approving condominium projects. Specifically, the Guide: Provides a single source of information for the Condominium Project Approval Process; Consolidates.

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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.

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 temporarily eases guidance on condo approvals. David Fleming 0 Comments. Contents Direct endorsement lender Strong credit culture Announcing temporary guidance Fha put stricter Letter 2012-18: temporary Mortgage lending boom? equifax reports massive increase in home credit home renovation.

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Condominiums The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status. These properties are not for sale by the FHA. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields.

FHA EASES CONDOMINIUM PROJECT APPROVAL REQUIREMENTS Temporary guidelines will increase number of condominium projects eligible for FHA approval. WASHINGTON – The Federal Housing Administration (FHA) today published new guidelines under its condominium approval process intended to increase affordable housing options for first-time and low- to.

RATE SEARCH: Pre-Qualify for fha approved condos. What are FHA Approved Condos? FHA approved condos are primarily residential condominiums that meet the property eligibility requirements and are eligible to be purchased using an FHA Loan. The FHA insures one unit condos in which you can get a 15 year or 30 year fixed-rate mortgage.

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.