FHA released a frequently asked questions (FAQ) document on the new condominium rules. The FAQs provide some additional guidance to the rules, announced in Mortgagee Letter 2009-46A and Mortgagee Letter 2009-46B. ML 2009-46B provides the formal condominium rules, in accordance with the Housing and Economic Recovery Act of 2008 (HERA), placing condominiums under the FHA 203(b) Single Family Program. ML 2009-46A provides temporary guidance on concentration requirements, the Spot Loan Approval Process, owner-occupancy requirements, and pre-sale requirements. The new condominium rules go into effect on December 7, 2009.
Let me know if you would like the free doc.
drigney@ksgmac.com
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