This just in from mortgage guru, Chet Gohd, RPM Mortgage in Berkeley.

“Today, February 1st, is the beginning of the new FHA Condo project guideline changes. From this point, any FHA loan for a condo will require an approval from HUD. This means that in order to do the loan, the financials from the Condo Project will need to be submitted and approved by HUD. HUD has recently said it’s taking about 8 weeks for project approvals under HRAP, but anticipates that within a couple months it may be upward of 4-6 months since there are something like 40k or more condo projects in CA alone that have yet to be submitted for approval.”

Any questions, let me know and I will put you in touch with Chet to answer your questions.

Cheers!