The Saint Paul Condo Blog

I knew this would happen - the mad dash to get buildings approved for FHA financing!

I bet the Lowry will have their approval before the April 30th buyer tax credit deadline, but it's going to be close.

Something new about FHA approved buildings...  In the past, once you were an approved building, you were set for life.  It was like being in the cheap financing option mafia.  Well, now HUD has seen the errors in their ways and now cap the approval at 3 years.  What may be bad for condo buildings, is healthier for HUD and in the long run, healthier for condo buildings too.  Building will have to re-apply every three years.  Meaning they will still have to be in good financing shape and not run down.