Below are the NEW FHA guidelines for condominium financing. Note that only a very few lenders still do Spot Approvals, but we have wholesale access to those lenders, and we have become experts at garnering Spot Approvals.
Extends the “spot approval” process until Feb. 1, 2010, allowing individual units to qualify rather than requiring an entire building to earn approval.
Temporarily increases from 30 percent to 50 percent the number of units in a building that can be financed with FHA loans.
Requires 50 percent of units to be owner-occupied, but temporarily allows vacant, bank-owned or rented units to be excluded from the calculation.
Allows for condo board approval of buyer unless it violates the Fair Housing Act.
Removes legal certification requirement for condominium documents.
Bars approval for buildings with more than 15 percent of units delinquent on association fees.
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