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FHA announces extension of condominium project approvals with an expiration date of December 7, 2010 December 13, 2010

FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.

Initial Project
Approval Date  - Current 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

The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.

The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:

Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm 


The Valeo-Croy Team is now with New American Mortgage December 31, 2010

Happy New Year! We have big news.

Deanna and I have decided to change companies to assure we meet the new terms of the North Carolina Contract. Our new company, New American Mortgage, is committed to being cleared to close on our loans in 7-business days once all loan documentation is received from our borrowers.

How is this done? We must collect all information up front (paystubs, tax returns, insurance providers, executed contract ect…) Additionally the disclosures must be signed prior to submission. Once all the documentation is received (after being reviewed by expert loan officers - this is where we come in) the loan file goes directly to underwriting for review. We will have a preliminary commitment in 6-hours. The operations group is then on a mission to have the loan cleared to close in 7-business days (MDIA limit). This will require our borrowers to be proactive during this period of time to get any last items required to close.

The key to this process is having an educated buyer – we must get all documentation up front. Especially relevant with the new contract, Deanna or I can send up your prospects’ information to underwriting before having a property and get a true Pre-Approval. The result is that a due diligence period would only be limited by the home inspections, appraisal, survey and the title search. This can provide your client a competitive advantage when making an offer.

Also, when you are presented with an offer on your listing with an extended due diligence period you can remind them there are faster ways to get a loan done. We are happy to help.

Other items of interest (loan products we have available – they make take a bit more time):

• Reverse mortgage purchase loans – great for buyers moving to retire in Charlotte
• 203K Loans – New American recently closed one in 15-days
• USDA, House Charlotte, NC Bond, HomePath

We are very excited about our new home and feel your level of service will only improve with our change.

Our New Contact Information is as follows:

Deanna Valeo = deanna.valeo@newamerican.com or deanna.valeo@valeocroyteam.com  704-488-1421

Todd Croy = todd.croy@newamerican.com or todd.croy@valeocroyteam.com 704-488-7763

We will be updating our web site in the very near future however all clients can still apply for a loan with us by using our fax back (or scan back) application form found at:

http://www.valeocroyteam.com/index.cfm/p/pages.apply-online-contacts.htm 

Please remember Deanna and I are always here to help you with any mortgage question and of course help you close on-time.

All our best for the new year.

@ The Valeo-Croy Team, we are here for you.

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings

Facebook link:
http://www.facebook.com/valeocroyteam?v=app_4949752878

The Valeo-Croy Team and New American Mortgage are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply. Date: 12/31/2010