September 1, 2017
September 1, 2017
On August 30, 2017, the Federal Housing Administration (FHA) issued Mortgagee Letter 2017-13 which extends the condominium approval provisions enacted previously under Mortgagee Letters 2015-27 and 2012-18. Those mortgagee letters generated the streamline condominium approval process, clarified the definition of "owner-occupancy", and contain the investor ownership, financial, delinquency and commercial space requirements that condominiums have been operating under for the past several years to maintain their approvals with FHA.
The extension lasts until the rules proposed in September 2016 are finalized.
Practice Area
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