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Update: 11/10/09-FHA Issues Final Revised Guidelines-Spot Approvals Extended Until Feb. 1, 2010 With an eye on the "volatility" of the condo market, the Federal Housing Administration (FHA) has backed off some of the stingy new rules for condominium lending set to be implemented Dec. 7.
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.
On September 13, 2012, FHA released Mortgagee Letter 2012-18: Temporary Approval Provisions for the Federal Housing Administration Condominium Project Approval Process.The Mortgagee Letter replaces existing policy until FHA publishes formal regulations expected in 2014. NAR had been working with HUD for years on these changes, and had worked with Congress to try and influence HUD to loosen.
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VA and FHA Condo Approval Process (2019) FHA Review is an independently owned and operated corporation. It is not an agency of the United States Government and is not contracted by the Department of Veterans Affairs, or the Department of Housing and Urban Development, or their affiliates.
"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.
HUD-FHA also has new career opportunities for qualified individuals. "Revised SunTrust Ineligible Settlement Agent List", and "Revised SunTrust Mortgage Approved Condominium Project List and.
Note: This page was updated in January 2019 and to include the latest information on FHA appraisal guidelines and requirements for 2019. If you use an FHA loan to buy a house, the property will have to be appraised and inspected by a HUD-approved home appraiser.
HUD temporarily eases approval process for Condos.. These provisions will expire in one year and serve to revise FHA’s condominium approval process until the agency can implement a more comprehensive condominium rule change. Today’s guidance: