Spot approvals extended and only 1 appraisal now needed for Jumbo loans!
FHA came out with a few announcements last week that will help the housing market in the near term. Spot approvals were supposed to be ending on December 7th, but have been extended yet again until February 1st 2010. I actually would not be surprised if they extended this until the end of 2010. They also eased the guidelines for condo project eligibility until December 31st 2010 in regards to owner occupancy rates, pre sale requirements and FHA concentration requirements for each condo project…this essentially will make it easier for a buyer to qualify to buy a condo so this good news. FHA also took away the need for a 2nd appraisal on all jumbo loans over $417k, needing two appraisals done before was both more costly and time consuming for buyers and sellers.
