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.