Effective October 1, 2009-FHA spot condos are gone and so is the “approved condo list”. Your condos will need to be approved into a new 2 year list (recertification is required every 2 years). Before spending your hard earned “Advertising Dollars”, review the guidelines for FHA and Conventional loans. Here are some highlights: q If 15% of the project owners are delinquent on their Association Dues, then you can’t sell it FHA OR Conventional. q “Walls in” coverage (HO6) will be required, and put in place at closing. The cost must be included in the housing payment and the client must qualify. It is not escrowed. q 30% of the mortgages or less are FHA, then you qualify for the FHA loan (used to be a max. of 10%). q In order for the Condo project to be put on the list, they will have to provide all items on the list to a lender who will certify the project for the list. They will have to retain the information. –NOT ALL LENDERS will be able to do this, as they may not have the manpower. FHA will maintain the list for all lenders, so once on the list, it is pulled up as before. I wanted to make sure you got this information, to help you with the listing of your properties, and those clients interested in buying a condominium in the near future. |