HUD’s new requirements for CONDOS! 0
HUD and Condos, don’t forget about the change happening November 2nd! This should help a condo market like Chicago Illinois. Yes there are some downsides like consentration of FHA loans within a project, but conventional lenders have always had this in place and never hurt the market before. 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. Most major lenders never went over 33% at the most in any project, so again, this has always been there and HUD is just coming into the times. There are several more changes that are taking place and encourage people to read the Mortgagee letter that I have linked to and is mortgagee letter 2009-19.
http://tinyurl.com/mortgagejaw10
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