CAI learned this morning that the FHA has announced that it will again delay the implementation of the new regulations governing condominium mortgage insurance until December 7th, 2009. Previously scheduled to go into effect in October and then November, these new regulations were initially proposed in June of 2009 and would change the approval process and the criteria used to determine if a mortgage for a unit in a condominium association qualifies for FHA mortgage insurance.
The proposal would replace the current spot approval process with a new comprehensive approval process under which approvals would be good for two years. CAI has scheduled a meeting with FHA staff tomorrow (Friday October 23rd) to provide input from our members and better understand FHAs goals, objectives, and expectations for these new regulations.
Additional information will be posted to our Legislative Heads Up page as it becomes available.
