HUD relaxes procedures for FHA Condo Approval

In new rules issued August 14, 2019, HUD has eased the process for obtaining approval for an FHA loan on a condominium.  Purchasers can again seek spot approval for a condominium unit in a project that has not obtained FHA approval status under the “DELRAP” process; the entire condominium need not be certified.  The rule also extends the term that a condominium stays on the approved list from two years to three years before needing to reapply.  The new rules take effect October 15, 2019.  A copy of the rules are available to be downloaded.

© Steve Sowell 2022