Condo Owners Beware!! !
In the last couple of months HUD has passed some new condo guidelies with
Mortgagee Letter 09-19.
In the past all a condominium complex had to do was get approved with HUD once and they would be approved forever. Or they could allow their owners to obtain an FHA loan using the FHA Condo Spot Loan Approval Process, which approves a single loan in the complex.
FHA Spot Loan Approvals are gone.
After October 1st 2009 all previously approved Conominium projects will have to reapply to get onto the HUD Approval List.
This will be a nightmare for anyone owning and seling a condo unit. The only two people who can apply for condominium approval is a builder and a lender. So the owner of the condo is going to have to find a buyer, then wait 30- 90 days for that buyers mortgage company to get the condominium complex re-approved through HUD.
If you, or anyone you know would like to purchase a condo, please give me a call and let someone who knows what is going on help you get your complex on the HUD approval list.
Anthony VanDyke
Branch Manager
VanDyk Mortgage Corporation
801-505-4641
anthony@vdmtg.comwww.anthonyvandyke.com
