The December 7, 2010 deadline for condominiums that were placed on the FHA approved list before October 1, 2008 to obtain the recertification necessary to allow them to maintain their FHA approved status has just been extended. Here are the new re-certification deadlines:
If approved between 1972 and 1985, deadline is 12/31/10.
If approved between 1986 and 1990, deadline is 5/31/11.
If approved between 1991 and 1995, deadline is 7/31/11.
If approved between 1996 and 2000, deadline is 8/31/11.
If approved between 2001 and 2005, deadline is 9/30/11.
If approved between 2006 and Sept. 2008, deadline is 3/31/12.
Condominiums must meet a number of requirements to qualify for FHA approval. For example, they must be at least 50% owner-occupied, and no more than 15% of their units may be delinquent. Their budgets must fund reserve accounts in an amount equaling at least 10% of those budgets. They must maintain property insurance in an amount equal to 100% of the current replacement cost of the condominium and comprehensive general liability insurance covering the common elements as well.
For more information regarding the FHA recertification process, please refer to my past posts on this subject:
New Requirements for FHA Condominium Loans Delayed and Revised
FHA Loans Will Soon Require Ongoing Approval of Entire Condominium
If approved between 1972 and 1985, deadline is 12/31/10.
If approved between 1986 and 1990, deadline is 5/31/11.
If approved between 1991 and 1995, deadline is 7/31/11.
If approved between 1996 and 2000, deadline is 8/31/11.
If approved between 2001 and 2005, deadline is 9/30/11.
If approved between 2006 and Sept. 2008, deadline is 3/31/12.
Condominiums must meet a number of requirements to qualify for FHA approval. For example, they must be at least 50% owner-occupied, and no more than 15% of their units may be delinquent. Their budgets must fund reserve accounts in an amount equaling at least 10% of those budgets. They must maintain property insurance in an amount equal to 100% of the current replacement cost of the condominium and comprehensive general liability insurance covering the common elements as well.
For more information regarding the FHA recertification process, please refer to my past posts on this subject:
New Requirements for FHA Condominium Loans Delayed and Revised
FHA Loans Will Soon Require Ongoing Approval of Entire Condominium
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