FHA Approval Changes & Condo Associations   Leave a comment

With the recent changes in FHA requirements regarding condominium approvals (see prior discussions from our archives), it may be in the best interests of condominium associations to consider taking the steps to ensure that their condominium is approved by FHA.

Being on the approved list will assist unit owners within the condominium in their sale of their units, as the units will then be eligible for FHA conventional loans.

Even condominiums that have been previously approved need to consider whether they should take steps to preserve their approved status, as projects that received approval prior to October 1, 2008 will need to be recertified on or before December 7, 2009. The requirements in this context have been and continue to undergo significant review and modification, so in attempting to obtain approval it is best to get the assistance of experts that are following the evolution of these requirements.

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