Lasvegasmtg.com Report: VA Condo approvals will not use the HUD/FHA Condominiums Project approvals effective December 7th 2009. I wrote an earlier article that the new rules FHA implemented would change how FHA could be used to purchase any condominium projects in Las Vegas, Nevada. It was pointed out that it would be harder to get condominiums approval with the new changes and would affect the large number of Condos that are in inventory in Las Vegas, Nevada, by limiting the type of loans that could be used.
VA had in the past accepted the HUD/FHA Condo approval list and was listed in the VA Lenders Handbook, Chapter 16 that specifically covers Common Communities, Condos and Planned Unit Developments, Section 16-A.02. VA stated that in the past the HUD/FHA Condo approvals were similar in reviews and approval procedures to the VA, so it did not require a separate review or organizational documents.
Due to the HUD/FHA Mortgage letter 2009-46B which outlines the changes on condo project reviews and approvals changed so dramatically that VA has made the decision to rescind the the use of HUD/FHA condo project approvals for VA Condo loans. This notice can be found on Circular 26-09-19.
Presently it is unclear on what or how VA will obtain condo reviews or approvals after the December 7th 2009 deadline. As soon as information is released on the procedures for VA condo Approvals I will pass this on in another post.
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John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200 Las Vegas, NV, 89113 US |
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
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Presently it is unclear on what or how VA will obtain condo reviews or approvals after the December 7th 2009 deadline.
Hey John! This sentence sounds kind of like our entire industry right now. There are so many things changing and no one seems to know what or how to handle the changes. Thanks for bringing this to light.
David,
The industry is changing so rapidly with government program changes but more so with lenders overlays that even go beyond the government minimum qualification. Constantly having to notify borrowers and Realtors that the Pre-approval that was issued yesterday had to be revised downward in purchasing power because of the changes. "The only thing that remains the same is change" who ever said this must have worked in the mortgage industry.