HUD/Site Condo Update
June 18, 2009 - (RealEstateRama) — The Michigan Association of REALTORS®, along with many other state REALTOR® associations, has received many questions and concerns regarding site condominiums and FHA loan approvals. Recently, HUD released Mortgagee Letter 19 on the Condominium Approval Process for single family housing. Included in the letter is guidance on how to treat site condominiums. Under the letter, site condos do not need to be approved as condo projects, but FHA loans for site condos still need to include a condominium rider in the loan package for insurance endorsement. Here is an excerpt:
“Site Condominiums are single family detached dwellings encumbered by a declaration of condominium covenants or condominium form of ownership. Â Condominium Project approval is not required for Site Condominiums; however, the Condominium Rider (Attachment D) must be included in the FHA case binder submitted for insurance endorsement. Â Manufactured housing condominium projects (MHCPs) may not be processed as site condominiums; these projects will require approval under HRAP.”
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