FHA had originally planned to eliminate spot approvals on Condos in Delaware and nationwide effective October 1, 2009. The new process would require the lender to approve the condo. FHA has decided to delay this until November 2, 2009. This means any new FHA case numbers pulled on November 2, 2009 or after will have to follow the new FHA condo approval process.
The new process gives lenders two options for approving condos. The first is called HRAP and is the HUD Review and Approval Process. The second option is called DELRAP which is Direct Endorsement Lender Review and Approval Process. The FHA mortgage Letter 2009-19 explains both processes in details. It also covers what types of properties are eligible. For example Condotels are not eligbile for FHA financing.
You can view the mortage letter at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
For more information on Delaware FHA Loans for the purchase or refinance of a Delaware Condo please feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com. You can also visit my website at www.DelawareMortgageLoans.net
*This is not an offer to lend. 
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