New FHA Guideline Implementation Delayed Again
The FHA announced yesterday that it is once again delaying the implementation of the requirements found in Mortgagee Letter 2009-19 until December 7, 2009. As we posted previously, these new guidelines for condominium projects are likely to have a significant impact on condominium communities. FHA has indicated that revisions to the 2009-19 Letter will be forthcoming in the next two weeks and will offer leniencies because of current market conditions and provide clarification to some of the proposed new provisions. We will continue to monitor these new requirements.
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