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FHA Approval Huge Factor in Marketability of Units

HUD Implements New Approval Process for Condominium Projects to Qualify for FHA Insured Mortgages.
Website Allows Users to Search for FHA Approved Projects.
On June 12th the Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-19 announcing the new process for approval of condominium projects. As previously reported on this Blog, Fannie Mae, a federally backed lender, announced several changes to its standards, including the imposition of PERS review.

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Bank Foreclosures Devastate Community Associations

A survey conducted by Community Association Leadership Lobby (CALL) confirms problems with community operations and lack of maintenance as a result of foreclosures. Averaged out, over 100 people per day responded to the 2nd Annual Foreclosure Survey conducted by the Community Association Leadership Lobby (CALL). Over ninety (90%) percent of them say …

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Fannie Mae Tightens Lending Standards for Florida – Project Eligibility Review Required

Fannie Mae recently announced several changes to its standards and reintroduced its Project Eligibility Review Service (PERS). Read PDF. PERS review is required for new and newly converted condominiums in Florida, while optional in projects located elsewhere throughout the United States. Fannie Mae likewise announced an intention to publish a list …

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