Condo Expiration Date fast approaching! December 12/7/2010 for FHA approved condos
By Nick Pakulla, Nick Pakulla Mortgage Team, Lender in MD DC VA
(Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia)
Last year FHA announced that they will be beginning a condo recertification process for condos that were approved prior to October 1, 2008, requiring that they are re-approved on or before December 7, 2010. Well its hard to believe, but December 7th is almost here, and there are very few condos that have been re-approved. Welcome "Condo Judgment Day!" From FHA: "New FHA case numbers will not be assigned for those projects where the project approval has expired and the project has not been recertified or reapproved prior to the project expiration date." This was all initially announced in the FHA mortgagee letter issued November 6th 2009-46 B. Bottom line, No case numbers = NO FHA loans! My understanding is that the approval process can take 30-45 days. 45 day...