Mortgagee Letter 09-46a (Spot Approval Guidance) and 09-46b combined. (This is the first time they’ve ever had a 2 part letter).
Here’s what you need to know:
46(a) – extends the “Spot Approvals” through 2/1/10; allows up 100% of a projects units to be financed (that’s big!); and clarifies owner-occupancy and pre-sale requirements.
46(b) – replaces 09-19, and goes into detail about the “lender approval” process for condos. Read through Section IV and V. They have also ELIMINATED the 12-month seasoning requirement for condo conversions