Friday, December 17, 2010
Thursday, December 16, 2010
Thursday, December 9, 2010
Not all Condos are Created Equal…
If you’ve been thinking about Buying or Selling a condo then you might want to know that some Condos do not qualify for certain types of mortgages. In this economy the most typical Buyer is using an FHA loan to purchase a home. FHA Mortgage loan require the least amount of Down payment and are the most lenient when it comes to credit scoring and Loan to Value Ratios. Before purchasing a Condo or home you should know what type of loan you will be pursuing in order to select the proper homes. This is something your Realtor should be able to help you with. With this said, not all Condominiums will qualify for an FHA loan therefore they might not be an approved FHA Condominium. Below you’ll find the link where you can confirm & verify if your Condo is or isn’t approved. You’ll also find some more details concerning Condo FHA Approval Expiration dates, Extensions, additional information and Contact numbers.
FHA Condominium Project Approvals Expiration Dates Extended:
FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept) December 7, 2010 March 31, 2011
The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the re-approval or re certification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm
Industry Call: Condominium Project Approval Extensions
FHA has scheduled an industry call to discuss the condominium project extensions and answer related questions. The call is scheduled for Thursday, December 9, 2010 from 3:15 pm – 4:30 pm (EST). Provided below is the applicable call information:
Participants Teleconference Dial-In Number: (800) 683-4564
Participants Access Code: 623108
Confirmation Number: 184260
For more information about FHA Condominium Mortgage Insurance, please visit: http://www.hud.gov/offices/hsg/sfh/condo/index.cfm
FHA Condominium Project Approvals Expiration Dates Extended:
FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept) December 7, 2010 March 31, 2011
The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the re-approval or re certification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm
Industry Call: Condominium Project Approval Extensions
FHA has scheduled an industry call to discuss the condominium project extensions and answer related questions. The call is scheduled for Thursday, December 9, 2010 from 3:15 pm – 4:30 pm (EST). Provided below is the applicable call information:
Participants Teleconference Dial-In Number: (800) 683-4564
Participants Access Code: 623108
Confirmation Number: 184260
For more information about FHA Condominium Mortgage Insurance, please visit: http://www.hud.gov/offices/hsg/sfh/condo/index.cfm
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