Nick Pakulla - Mortgage Lender Loan Officer in MD, DC, VA

FHA Condo Expiration of 12/7/10 Now Extended!!

In what seems like a last ditch effort (without any warning that I know of) FHA has extended the condo projects that were set to expire December 7^th 2010.  The new expiration dates are based off of the initial project approval year.  Great news for condo owners and condo sellers!

FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.

Initial Project Approval Dates     Current Expiration Date        New Expiration Date

1972 - 1980                              December 7, 2010               December 31, 2010

1981 - 1985                              December 7, 2010               December 31, 2010

1986 - 1990                              December 7, 2010               May 31, 2011

1991 - 1995                              December 7, 2010               July 31, 2011

1996 - 2000                              December 7, 2010               August 31, 2011

2001 - 2005                              December 7, 2010               September 30, 2011

2006 - 2008 (Sept)                    December 7, 2010               March 31, 2011

The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions.  Lenders and/or other interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.

The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates.  The links to the sites are:

Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm