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