Guest Blogger - Lena Reid, BB&T Bank AVP, Mortgage Loan Officer
FHA CURRENTLY HAS NO APPROVED CONDO PROJECTS - ALL PREVIOUS APPROVALS HAVE BEEN ELIMINATED!
Due to recent announcements in the industry concerning condominiums, no previously approved FHA projects will be accepted for any loans!
This change is effective with new applications on and after February 1, 2010.
Discontinuance of FHA-Approved Condominium Projects
It was announced by Fannie Mae and VA recently and by Freddie Mac today that the practice of accepting FHA-Approved condominiums on loans sent for purchase or guarantee is discontinued.
As a consequence of the above - we must no longer accept FHA-Approved condominiums for ALL LENDING products, including but not limited to Conventional, all Government (except for FHA, of course, as noted above), CHIP, Non-Conforming, AND Housing Agency loans.
In essence, all loans may no longer use the FHA-Approved Condominium list from FHA Connection and all loans involving condominiums must follow the published investor requirements for condominium approval, certification as usual.
We must continue to give due diligence in the review of all condominium projects - related to their constituent documents:
- minimum insurance requirements
- appraisals
- condominium project analysis
- Connventional, FHA, VA, USDA lending requirements, any separate Housing Agency or Third Party Servicer requirements.
Lena Reid | BB&T Bank AVP, Mortgage Loan Officer | Office: 941- 492-2623 | Toll-free: 888-493-0300 | 1580 Jacaranda Blvd, Venice, FL 34293 | LReid@BBandT.com
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