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FHA brings back Spot Condo Loans

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On August 14, 2019, the Federal Housing Administration (FHA) published FHA INFO 19-41, which announced the publication of its Condominium Project Approval Final Rule (FR-5715-F-02) and corresponding Condominium Project Approval and Condominium Program sections of its Single Family Housing Policy Handbook 4000.1 (SF Handbook).

As part of its comprehensive August 14th condominium project policy revisions, FHA introduced the Single-Unit Approval process for condominiums in non-approved condominium projects — if the project meets certain minimum requirements, including maximum FHA insurance concentration — for Single-Unit Approval.

Today, FHA published Mortgagee Letter (ML) 2019-13, Single-Unit Approval Process — Obtaining FHA Case Numbers for Single-Unit Approval Originations, which outlines the procedures mortgagees must follow for Single-Unit Approval case number assignments. See the ML for process details.

Questions about the Single-Unit Approval case number assignment process, as well as other general questions, should be directed to the FHA Resource Center using one of the methods outlined under the “Resources” section header below.