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Is your Condo FHA approved? You’d better make sure.

December 13, 2010

It is difficult enough to sell a condo right now but if you’re condo isn’t FHA approved it may be darn near impossible.  Give your Home Owners Association a call and make sure they have applied for or obtained approval from FHA.  Here is a quick look at the deadlines:

There’s great news from FHA! They have extended condominium project approvals that were previously due to expire on December 7, 2010. Here is a chart outlining the new expiration dates:

Initial Project Approval Dates Previous Expiration Date  New Expiration Date
1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept.) December 7, 2010 March 31, 2011

 

FHA changed and staggered these expiration dates to have better control over the volume of condominium project renewals they must process. But keep in mind: they do not anticipate any further extensions!    (information courtesy of  William Griffin-Windermere Mortgage)

To find out if your condo is FHA approved or not you can speak with your HOA, your mortgage person, and check out the HUD website.

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