Additional update: The HUD Mortgagee Letter 2009-46A,eliminates “Spot Loan” approvals for condominiums going into affect on February 1, 2010. For a more detailed explanation, read this. We believe that this, along with thenew condo “concentration” guidelines (see number ten) will mean that from this point forward, the HUD database will not be the most accurate to guarantee that a unit “is” or “is not” FHA approved. After concluding our research, we believe that, by far, the most comprehensive and up to date collection on whether a unit is approved by the FHA will be found atFHA Pros. Check back here for updates. We will be posting them as they become available. Click to go to site.
Tuesday, November 9, 2010
WHAT IN THE HELL IS GOING ON AT FHA.
Of course clicking on the FHA Pros link takes you to a $4.99 a search website. The HUD database is free and by what reasoning or act of law or agency can their data not be the authority answer on who is or is not in compliance.
I would like to hear from someone at HUD as to their database is still relevant and if not why.
Clearly we'll take a look into this and get back to everyone.