FHA Condo approval expiration dates were extended by the FHA, and this news shared by one of my mortgage partners, Brian Picker, of 1st Mariner Mortgage Corporation.
Thank you, Brian!
From Brian Picker, 1st Mariner Mortgage:
Big news as older FHA Pre-construction Condos in Toronto projects were set to expire yesterday which would have been a nightmare for getting them all re-approved by HUD in a timely manner. In light of this HUD extended the expirations dates out based on when the original project was FHA approved.
FHA Condominium Project Approvals Expiration Dates Extended:
FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept) December 7, 2010 March 31, 2011
The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
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I have written much about the FHA Condo Recertifications, because we have so many Timonium condos that would be effected by these changes. Luckily, it appears, if they haven’t been recertified, they have some time to do so!
That’s great news! I’m struggling to find lenders who are willing to take on the recertification process so I’d welcome any suggestions offered (I’m located in the San Diego, CA area).
Also, I’m really amazed that the HUD website for reviewing condo approvals (https://entp.hud.gov/idapp/html/condlook.cfm) is shut down daily by 6:00 p.m. pacific time. I guess I should print out a list of all in my area and just keep that handy but why the heck would they shut down?
Hi Rick, I am sorry to hear about your issues with the recertification process. It is up to the condo associations to apply for those recertifications. I can ask a few of my lenders who are located nationwide if they know of anyone in San Diego who is helping anyone through these…
I don’t understand why the HUD website shuts down either — that has been a pet peeve of mine. The only thing I can think is that they want to make sure it is current to the date???
Thank you!
[…] & FHA have extended the FHA condo recertification deadlines. Here is more information about the FHA condo recertification deadline […]
Question… we have a condo where the project expiration date is now 12/31/2010 and we do have and FHA Case number for the loan that was assigned in November. Are we ok if the loan closes after 12/31/2010 since the assignment date predates the expiration date?? Or does the loan have to close and fund by 12/31/2010?? Thanks…….
Michael, that is a question that only FHA can answer. It is a really good question. I hope, for your sake, it is the FHA case assignation date instead of the settlement date. I will also ask Brian, who may know the answer. Good luck!
Michael, I got a confirmation/update from Brian Picker at 1st Mariner Mortgage:
“They should be fine, as long as the case number was pulled prior to expiration. Below is HUD’s exact verbage….
If you have a case number based on a legitimate loan application, you may proceed with the loan after the condo expiration. We will stop issuing new case numbers after a condo expires. You must still verify the project complies with our requirements via the loan level review, of course.”
Good luck!
[…] Brian Picker, one of my mortgage partners from 1st Mariner Mortgage, announced the return of the program and his company’s involvement in it. […]
How do you find out when the condo’s expiration is ?
Hi Monique! If you type the community name ion this website: https://entp.hud.gov/idapp/html/condlook.cfm , it shows you if it is approved and when it expires. I hope this helps! Thanks!