HUD Delays Condo Changes to December 7th, 2009! 0
Looks like HUD will be delaying the changes from Mortgagee letter 2009-19 to December 7th, 2009. Most of the changes are still coming out November 2nd from that letter, but new policy for condo project approval and condo unit financing is being delayed until the December date. So if you are in the market for a condo and need FHA financing to do it…..now is the time before the changes take place. Remember, the major changes that effect Chicago, Illinois are: HUD is putting the condo approval process in the hands of the direct endorsement lenders, so it will be up to them. HUD is still going to require 50% occupancy rate and they are capping their concentration to no more then 30% financed through FHA.
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