August 15, 2019 HUD Announces New FHA Condo Rules
New Rules Should Open Up The Condo Market For Buyers. The U.S. Department of Housing and Urban Development released updated guidelines on FHA-insured condominium financing. The new rules allow more buyers to obtain low down-payment mortgages on affordable housing options. Specifically, the new rules will: • Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards. • Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval. • Secure additional flexibility in the ratio of […]
Thursday, August 15, 2019
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