The Lake Team

The new approval process for Condominium Projects has been delayed by HUD  until November 2^nd, 2009 (case numbers assigned on or after). Guaranteed Rate along with other lenders are awaiting further clarifications from HUD regarding the new requirements and changes.   

Mortgagee Letter 2009-19 provided guidance on the new approval process for Condominium Projects, allowing lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the National Housing Act and 24 CFR 203 of HUD’s regulations.  This new approval process was effective for all case numbers assigned on or after October 1, 2009.  However, the new effective date is for case numbers assigned on or after November 2, 2009.  The site condo and manufactured housing condo project changes that have already taken effect are not affected by this delay.