New Condo Regulations starting in October

New Condo Regulations starting in October:

Per Mortgagee Letter 2009-19, FHA is implementing numerous Condo
changes effective with case numbers on or after October 1st. The major changes include:
• No more ‘Spot’ Approvals will be allowed
• FHA will be limiting themselves to 30% concentration in a project
• 50% owner occupancy requirement (previously 51%)
o Valid presales (for owner occupancy requirement) will require executed sales
agreement AND evidence that a lender is willing to make a loan
• FHA condo approvals will expire after two years
FHA is expected to issue follow up guidance in regards to their system (FHA Connection) and how it will adapt to the new Mortgagee Letter requirements, so we will keep you posted on any future developments.

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com