Home Lenders FAQs - Lenders What is the FHA/HUD condominium (condo) unit "Spot Loan" approval process?
What is the FHA/HUD condominium (condo) unit "Spot Loan" approval process?

FHA/HUD Condo Spot ApprovalsMortgagee Letter 2009-46B eliminated the Spot Loan Approval Process as defined in Mortgagee letter 1996-41 for all FHA case numbers assignments effective on or after December 07, 2009.  However, to address concerns involving the volatility in the condominium market, the new effective date for the elimination of this practice is for all FHA case number assignments on or after February 01, 2010.  FHA may perform additional monitoring to ensure compliance with the "Spot Loan" Approval Process. 

Source: www.hud.gov Mortgagee Letter 2009-46A

 

 

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