Delay in FHA Condominium changes for Bay Area
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On 10/21 FHA via it’s mortgagee letter announced delay in FHA condominium changes. This is what the letter mentioned:
Implementation of FHA 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. Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.
Related post: FHA guideline changes to Condominium financing
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