FHA/VA Condo Project Approvals

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This is Not Your Father’s FHA Loan The FHA loan program is in a process of constant evolution to remain competitive in the market, mitigate risk to its insurance fund and fill the niche role for which it was designed.  The qualifying criteria for FHA loans have changed a great deal even since I ...
Combining Multiple Adobe Acrobat Files Into One Document A large part of what we do is electronically compile FHA condo approval files for submission to FHA.  We collect required documents from various sources.  Some send the files in portable document format (.pdf) and some are mailed and/or fax...
FHA Extends Temporary Condominium Approval Guidelines As expected, FHA extended the effective date of Mortgagee Letter 12-18 until August 31, 2016; the provisions in ML12-18 were due to expire on August 31, 2014. At 5:21AM on August 30, I received an email notification that FHA released Mortgagee...
We have all learned those technical terms in our Real Estate classes: environmental obsolescence, ingress/egress, riparian rights, etc.  While we know what they mean (I mean, we passed the test, right?), we may not typically see them in the typical, everyday practice of the trade. Kathy Fuhriman ...
FHA’s “6-Month Window” for Condo Recertification This week I received a call from a property manager who was concerned that the 6-month window for recertification with FHA was quickly approaching.  The condominium’s FHA approval expired on 3/21/14 and the manager and association were concerned th...
Critical FHA Condo Approval Requirements to Sunset 8/31/14Unless FHA releases a new Mortgagee Letter in the next few days, the temporary guidelines for condominium approvals created in Mortgagee Letter 12-18 will expire on August 31, 2014.The highlights of the 12-page document include: Clarificat...
FHA Eliminates So-Called "Pre-payment Penalties" for Loan Payoffs Yesterday, August 26, 2014, HUD modified its procedure for interest charges when an FHA loan is paid off.  As of January 21, 2015, lenders will only be allowed to collect interest from a borrower up until and including the date on ...
FEMA’s New Site is Very Cool! Part of the submission package for FHA condominium project approval is to supply FHA with a FEMA flood map which outlines the property boundaries of the condominium.  Several months ago, I wrote about how FEMA had modified their site.  Well, they did so again recentl...
FHA Condo Approvals – Ask Mr. Condo Bob Gourley is Mr. Condo.  He is the Chair of the Public Relations Board of the Connecticut Chapter of CAI.  His Ask Mr. Condo site is a place where folks can go and ask questions about anything condo.  It is a fantastic resource for condo and other community a...
Mixed Use Condominium Exception Requests for FHA Condo Approval Mixed-use condominium projects may be eligible for an FHA condo approval if they meet these two basic requirements: ·        The total floor area of the non-residential space is 25% or less (calculations must be provided) and ·      ...

Eric Boucher

The FHA/VA Condo Project Approval Guy
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