July 9, 2012
A reader asks, “I own one of the eight units in a condominium building. Where can I find the procedures to qualify the building for FHA approval ? Several of the owners want to sell their units and having FHA financing available for the potential buyers would be a great help.”
In 2009, FHA loan rules for condo approval were changed. According to FHA Mortgagee Letter 2009-19, the the Housing and Economic Recovery Act (HERA) of 2008 fave the FHA the ability to modify approval procedures for condo projects:
“FHA will now allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 of HUD
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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