Tim Bradford - AMMCorp.net

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FHA notice on delay in FHA condominium changes: Now set for Dec 7, 2009

Just recieved this notification that the new Condo Guidelines are being delayed again.   One issue that was of interest to me was how Lenders were suppose to evaluate the Reserve Requirements.   On another post here on Active Rain it was said for existing Condominums the guideline would be reserves needed to be funded at 60%.   I have seen nothing to confirm that number, hopefully the updates promised by HUD will give the guidance for Lenders.  

 
Implementation of FHA's new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th  2009.  The new guidance, to be issued within the next two weeks, will:  1) offer additional leniencies to address the difficult market conditions and
2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification. 
 
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41.  Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.


Tim Bradford
Ohio Mortgage Banker LO.007173.000/ NMLS 250013
Cell: 216.324.8113 Anytime
www.GetAMortgageNow.com or www.Go2Apply.com
www.OhioHomePath.com or www.OhioRuralHomeLoans.com

Serving the Ohio Realtors and Home Buyers and Home Owners
Comment balloon 1 commentTim Bradford • October 21 2009 03:52PM

Comments

thanks for the update... getting fha buyers in these days is tough!

Posted by Barb Fischer, San Diego and La Mesa Real Estate (Big Block Realty) almost 8 years ago

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