FHA/VA Condo Project Approvals

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Services for Real Estate Pros - ReadySetLoan Condo Team LLC
RECENT BLOG POSTS
Two New FHA Mortgagee Letters and Industry Call Yesterday, HUD released two new mortgagee letters, ML 13-27 and ML 13-28.  Both of these letters were in reference to changes made to the Home Equity Conversion Mortgage (HECM) program.  It also announced an Industry Call for Thursday, September 5 a...
07/11/2014
FHA Condo Approval Specialists – Update on Investor Ownership   In Mortgagee Letter 2012-18, HUD issued new guidance for condominium processing and approvals regarding a number of criteria. One such modification was to that of Investor Ownership for Existing and Non-Gut Rehabilitation projects. F...
07/11/2014
  FHA Condo Approvals – Updated FEMA Site One of the requirements for obtaining a HUD approval for a condominium project is to provide a flood map.  This is the means whereby HUD determines if flood insurance is needed. Providing a flood certificate is not sufficient to satisfy this requirement. ...
07/11/2014
  Highlights of Today’s HUD Industry Call Regarding Condo Approvals   Today’s HUD industry call just concluded.  The topic of conversation was HUD’s Bulletin 13-42 regarding clarifications to transient/hotel leasing, Phase I Environmental Site Assessments and mistakes in case number assignments w...
07/11/2014
FHA Condo Approvals – Recent Email Inquiry: Site Condominiums   This is a follow-up email to the last one that I posted regarding the insurance for Site Condominiums as they pertain to FHA loans.  The original email noted that the HOA pays for the insurance for the units, which is enough for HUD ...
07/11/2014
Why Should My Condo Complex Become HUD-Approved? This is a question that I have heard from several different people recently, and it is a valid question. There are MANY reasons for obtaining a HUD approval for your condominium complex and I will discuss them here. [Side Note: I am in Connecticut ...
07/11/2014
FHA Condo Approvals – Phase I Environmental Update As part of HUD’s most recent bulletin, it provided clarification as to when a new or updated Phase I Environmental Site Assessment is needed for project approval. In Section 1.7 of the Condominium Project Approval and Processing Guide, it states ...
07/11/2014
HUD/FHA Condominium Approvals and Recertifications   This has quickly become a very hot topic as of late although the new condominium guidelines were created and adopted in November 2009. The reason for the delay is that HUD allowed FHA financing for "spot approvals" in non-approved com...
07/11/2014
FHA Condo Approvals – HUD’s Email List In working with HUD to get condominium projects approved, I have found it invaluable to be on HUD’s email list. HUD sends out at least one, and sometimes several, newsletters a week that contain updates, notices for training opportunities, contact informatio...
07/11/2014
FHA Condo Approvals – HUD Offices Closed Nationwide   As a reminder, HUD announced to the public that it will close its offices every alternate Friday until the end of August due to government spending cuts that took effect on March 1, 2013.   The other scheduled closures will be on:   ·        F...
07/11/2014
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Eric Boucher

The FHA/VA Condo Project Approval Guy
Contact me for a FREE Prequalification of your Condo Project
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