FHA temporarily eases guidance on condo approvals

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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.

FHA Eases Condo Approval Guidelines – February 1, 2016 – In November of 2015, the FHA and HUD ran a press release on the official site (www.fha.gov) announcing temporary guidance making it easier to get a condo project added to the approved list for an FHA mortgage loan.

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 · FHA Gives condo lending market reprieve.. hud also announced that the temporary guidance guidelines issued last year is also administratively in the extension approval process. These guidelines require all Florida condos to go through HUD review and allow certain leniencies as well.. Labels: Condo Lending, condo loans, condo mortgage, fha.

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.

Mortgagee Letter 2012-18 was issued to put in place temporary condominium project approval guidance changes to some of the current FHA condominium approval policy provisions. It was determined that certain policy adjustments were needed to address current housing market conditions. This approval process will apply until August 31, 2014, unless further extended by FHA.

regulations that eases the condo requirements for FHA approval.. In September NAR submitted a comment letter to HUD regarding the "Extension of Temporary Approval Provisions for the Federal Housing Administration (FHA) Condominium Project Approval Process." Until HUD is fully staffed it is unlikely a final condo rule will be issued.

The FHA Condo Approval list is the only official list released by HUD.. It is updated once a day, so there is a 24-hour lag for condos that become FHA Approved, and when they appear on the list.Because of this, make sure to check back daily to see any updates made by HUD to the FHA Condominium Approval list.

The revisions could remove at least some of the obstacles that have dissuaded condominium homeowner-association boards from seeking FHA approvals or recertifications of their buildings for FHA loans.