Mortgage Loan Officers everywhere should be rejoicing to hear the news that the Federal Housing Administration has recently made amendments to it’s condominium rules, announcing Wednesday that it will now allow individual unit approval as well as further progressing to make these properties eligible for FHA financing.
Those who were looking to by a condominium this year with the new relaxed rules will be happy to hear that the housing market has stalled so prices are down compared to recent previous periods.
The Revised Guidelines
– Takes effect Oct. 15, 2019
– An individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units are FHA-insured.
– For units in buildings with fewer than 10 units, no more than two units can have FHA insurance.
For now, many housing market analysts are looking at this move from the FHA as one that will have a positive effect.