BluefoxToday blog : George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages)

FHA Condominium Expiration Dates Extended

FHA must be hearing the outcry because this week FHA Condominium Expiration Dates Were Extended.  This is a much needed and positive move on the part of FHA in my opinion. 

The reality of what was going to happen once Condominium Complexes started to come off the FHA Approved Condo List did not begin to hit home until the dead line was upon us, and Condo's that had been FHA Approved no longer were.  Condominium Owners that were trying to sell their Condo's were not happy with their Condo Management Firms that they had not Re-Certified the Complex, and now the number of possible Buyers for their Condo had be slashed.

Even though FHA has extended the expiration dates, they have only done so for a short time, and there is no indication that they will consider doing this again.  Below are the extension dates based on five-year time periods.  Notice that Condominium Complexes with original approval dates from 1972 -1985 are only being extend to the end of the year.

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

A large part of the reason why FHA was so willing to extend the dates was because of their own work load.  FHA was beginning to see a substantial increase of requests for Certification and Re-Certification and they needed the extension to ease their work load.  Lenders and/or other interested parties are encouraged to begin the approval or re-certification process as early as possible so as to not run up against this deadline crunch again.  As I stated earlier, another extension is unlikely.

The new updated dates were posted on the FHA Connection databases on December 7, 2010.  The links are: 

Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm

FHA Connection: https://entp.hud.gov/clas/index.cfm

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

Comment balloon 32 commentsGeorge Souto • December 10 2010 01:57PM
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