Mon 27 Jul 2009
Major Changes to FHA Condo Approvals - Starting Over on 10-1-09
Posted by Tracey Rumsey under FHA
[2] Comments
Did you know that as of October 1, 2009, the FHA spot loan approval process for condo loans has been eliminated? And that MOST condo project approvals will be invalid after that date too?
It’s gonna’ be UGLY–and the only projects that will remain on the list are those that have been approved after October 1, 2008.
If you have any FHA buyers on the fence, looking for just the right condo to purchase, they need to do something or they won’t be able to buy a condo - period - at least for a while. Real estate agents need to advise condo sellers that FHA financing is going to be limited.
A new online seminar can now be viewed at www.LoanOfficerSeminars.com called “FHA Condo Approval Process: What You Need to Know” with audio, slides and all FHA supporting resources.
Mortgage Talking Points(tm) Flyer and email notice also included.
Just when you thought things were getting better–the government takes it away!
