FHA pushes back deadline to implement condo approval process

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The Federal Housing Administration has announced it is pushing back the deadline for implementing a new condo financing approval process until Dec. 7. Until then, current rules call for eligibility of 50 percent of units in a condo project for FHA funding and up to 100 percent in well-established projects with a minimum of 10 percent reserves, according to the Mortgage Bankers Association, which has been negotiating with the FHA. Also, the FHA said it wouldn’t require recertification for projects that have already gone through the FHA financing approval process. While the U.S. Department of Housing and Urban Development has confirmed the delay, it would not comment on the rules the MBA claims are currently in place.

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