It appears that the temporary increase in FHA & GSE mortgage limits will be extended for another year. Hopefully, this legislation will also be passed in the next week or so.
FHA Condominium Changes
FHA maintains that they will be publishing the condominium letter shortly.
They held meetings w/ the major trade groups this week and advised them of the following:
- FHA concentration will go to 100 percent in established projects, 50 percent in new projects.
- Pre-sale will be lowered to 30 percent
- Owner occupancy remains at 50 percent
- Commercial space will remain 25 percent but FHA will do waivers as requested
FHA will eliminate "spot loan" approval on December 7, 2009. As a DE FHA underwriting Cunningham and Company can help with existing and new condo project approvals. Call us and we can discuss.
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