WASHINGTON, D.C. (National Association of Realtors) – About 2,200 condominium projects nationwide have lost their eligibility for FHA-guaranteed sales and refinancing, and 23,000 more could follow.
Loss of eligibility means people hoping to buy units in these buildings won’t qualify for FHA financing.
Last year, the FHA set standards requiring that condo projects approved for FHA financing before 2007 have their approvals renewed by Dec. 7, 2010. About 25,000 projects missed the cutoff.
FHA extended the deadline, setting new deadlines throughout 2011. However, the 2,200 projects with the oldest approvals still lost their eligibility.
The FHA urges all condominium owners to get in touch with their associations and push them to meet the revised deadlines.
More information, including a search engine that allows you to check the status of a condo project, is available online.
