HUD Outlines Guidance For Mortgagees Seeking Condo Approval
The Department of Housing and Urban Development is helping mortgagees achieve single-unit approval with the latest Mortgagee Letter. The letter features upcoming changes from the FHA according to a Reverse Mortgage Daily report.
"Under the Project Approval for Single-Family Condominiums Final Rule […] FHA will be able to insure a mortgage on a Unit in a Condominium Project that is not included in the list of FHA-approved condominiums if the project meets certain minimum requirements, including maximum FHA insurance concentration for Single-Unit Approval," according the letter.
Mortgagees will need to complete a "case number assignment screen" before submitting all required information separately through email to the FHA Resource Center.
"Information that HUD is proposing to collect for this process is currently open for comment through the Office of Information and Regulatory Affairs (OIRA) under the Office of Management and Budget (OMB)," according to the report.
To learn more about the HUD's Mortgagee Letter, click on the image above.
