FHA Re-Certification Deadline Extended
The United States Department of Housing and Urban Development (“HUD”) has just announced an extension of the December 7th deadline for recertification of condominium projects that had received approval for FHA-backed mortgage insurance prior to October 1, 2008.
Based upon the initial project approval dates, below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
|Initial Project Approval Dates||New Expiration Date|
|1972 – 1980||December 31, 2010|
|1981 – 1985||December 31, 2010|
|1986 – 1990||May 31, 2011|
|1991 – 1995||July 31, 2011|
|1996 – 2000||August 31, 2011|
|2001 – 2005||September 30, 2011|
|2006 – 2008 (Sept)||March 31, 2011|
This extension was granted to address processing challenges at HUD and current housing market conditions. Since HUD is not anticipating any future extensions of the recertification deadlines, it’s essential for condominium associations to start the recertification process well ahead of the expiration dates outlined above.
We are expecting more changes to the FHA-approval process during 2011 and will keep you updated on those changes they become available.