Great News about Condos from FHA‏

Dec. 14, 2010 - PRLog -- Here is a chart outlining the new expiration dates:

Initial Project Approval Dates     Previous Expiration Date                 New Expiration Date

1972 - 1980                                   December 7, 2010                           December 31, 2010  
1981 - 1985                                   December 7, 2010                           December 31, 2010  
1986 - 1990                                   December 7, 2010                           May 31, 2011
1991 - 1995                                   December 7, 2010                           July 31, 2011
1996 - 2000                                   December 7, 2010                           August 31, 2011
2001 - 2005                                   December 7, 2010                           September 30, 2011
2006 - 2008 (Sept.)                      December 7, 2010                           March 31, 2011


FHA changed and staggered these expiration dates to have better control over the volume of condominium project renewals they must process. But keep in mind: they do not anticipate any further extensions!

If you have any clients who may benefit from these extensions, let me know as soon as possible. I'm always happy to help your clients secure the home of their dreams.

To look up condo expiration dates in your area use this site:

https://entp.hud.gov/idapp/html/condlook.cfm

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