There’s great news from FHA! If you looking to purchase a CONDO CONDOMINUMS LOFT in the Twin Cities (Minneapolis and St. Saint Paul) area, and use FHA financing, this is an important update! They have extended condominium project approvals that were previously due to expire on December 7, 2010. Here is a chart outlining the new expiration dates:
| Initial Project Approval Dates | Previous Expiration Date | New Expiration Date |
| 1972 – 1980 | December 7, 2010 | December 31, 2010 |
| 1981 – 1985 | December 7, 2010 | December 31, 2010 |
| 1986 – 1990 | December 7, 2010 | May 31, 2011 |
| 1991 – 1995 | December 7, 2010 | July 31, 2011 |
| 1996 – 2000 | December 7, 2010 | August 31, 2011 |
| 2001 – 2005 | December 7, 2010 | September 30, 2011 |
| 2006 – 2008 (Sept.) | December 7, 2010 | March 31, 2011 |
FHA changed and staggered these expiration dates to have better control over the volume of condominium project renewals they must process. But keep in mind: they do not anticipate any further extensions! If you have any clients who may benefit from these extensions, let me know as soon as possible. I’m always happy to help your clients secure the home of their dreams.
To look up condo expiration dates in your area use this site:
https://entp.hud.gov/idapp/html/condlook.cfm
INFORMATION SOURCED FROM:
Drew Hendrickson
PHH Home Loans
Phone: (612) 925-8436
drew@drewhendrickson.com
To tour Minneapolis Condos (condominiums) and Lofts contact Minneapolis Condo King John Schuster, Coldwell Banker Burnet 612-924-7140 jdschuster@cbburnet.com
