FHA temporarily eases guidance on condo approvals

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"It is anticipated that the issuance of these additional temporary provisions will increase the pool of condominium projects eligible for FHA approval, thus increasing affordable housing options for first-time and low to moderate income homebuyers," FHA stated in the mortgagee letter.

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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.

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.

LOs know that the FHA does not accept private flood insurance. Needless to say, the markets weren’t happy with the guidance and the recent sell-off continued and received additional fuel when a.

2019’s guidelines for FHA approved condos, plus how to apply for an FHA mortgage.. FHA approved condos – Complete 2019 guidelines and updates. Act of 2016," created some temporary. FHA Eases Condo Approval Guidelines.. FHA’s temporary guidance will streamline the agency’s condominium recertification process and expand the eligibility of.

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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.

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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.